can someone give me some advice please?
we are in a fixed deal until 31st jan 2014 but want to move house.
the product is portable (subject to the usuals) however we need to borrow an additional £60k for the house we want.
Lender has offered us 'additional borrowing' but the rates are higher than mortgage rates.
Are we better off remortgaging completely & paying the £3k ERC?
Or taking the add borrowing?
current mortage - £100k @ 3.2%
add borrowing - £60k @ 4.9% plus £1k set up fee
The lender is santander/abbey. Im aware they are waiving erc's (at their discretion) if theres less than 6 months left on the product - would this apply if moving home as the buying process can take a few months & therefore lead us into juneish?
hope someone can help thanks
we are in a fixed deal until 31st jan 2014 but want to move house.
the product is portable (subject to the usuals) however we need to borrow an additional £60k for the house we want.
Lender has offered us 'additional borrowing' but the rates are higher than mortgage rates.
Are we better off remortgaging completely & paying the £3k ERC?
Or taking the add borrowing?
current mortage - £100k @ 3.2%
add borrowing - £60k @ 4.9% plus £1k set up fee
The lender is santander/abbey. Im aware they are waiving erc's (at their discretion) if theres less than 6 months left on the product - would this apply if moving home as the buying process can take a few months & therefore lead us into juneish?
hope someone can help thanks