This summer we would like to make some improvements to our home instead of moving.
Ideally we would like to borrow an additional 15k to run concurrent with our mortgage.
Our current level is £115k outstanding with the property worth around £252k/15 years remaining and we're 1/2 way through our current fixed 2 year deal with NatWest never missed any payments etc.
One point to mention is that we have around 12k of outstanding debt already but this would be cleared with any additional funds.
Our joint incomes are around 28k
I know that theres more to it but on this basis how would we go about additional borrowing -is it just a matter of approaching our bank or would we best be attacking our current level of debt before even thinking of approaching them?Would we be looked on more favourably as we would be clearing the debt instead of just adding this on top?
Thanks as usual for any advice
Ferry x
Ideally we would like to borrow an additional 15k to run concurrent with our mortgage.
Our current level is £115k outstanding with the property worth around £252k/15 years remaining and we're 1/2 way through our current fixed 2 year deal with NatWest never missed any payments etc.
One point to mention is that we have around 12k of outstanding debt already but this would be cleared with any additional funds.
Our joint incomes are around 28k
I know that theres more to it but on this basis how would we go about additional borrowing -is it just a matter of approaching our bank or would we best be attacking our current level of debt before even thinking of approaching them?Would we be looked on more favourably as we would be clearing the debt instead of just adding this on top?
Thanks as usual for any advice
Ferry x