Hi there,
Myself and my wife currently have a mortgage of £90,000 with Nationwide which has almost 5 years left on current deal at 6.2%. We are also looking to borrow a further £30,000 to consolidate some debts and make some home improvements. Our house is valued at £160,000.
We went to see the mortgage advisor at our local branch and we are a little concerned about the advice we have been given as he seemed to keep changing his mind about the different options, didn;t exactly fill us with confidence.
So what is happening now is we are changing our current £90k mortgage to a 5 year deal at 3.09% and the additional £30k we can get over 5 years at 3.49%. However he said what we can do is apply for the £30k first and if it is approved (it is currently with the underwriters for approval) then he will change the existing mortgage to the 3.09% deal.
However a different mortgage advisor is now telling us that he can;t do that. If the £30k is approved then we can't just change the original £90k to a new deal at 3.09%, we'd have to change the £90k and the £30k to a 3.09% which would mean another £1500 early repayment charge on top of the £2600 we are paying for the £90k mortgage.
All a bit confusing I know. On top of this it seems to be taking forever to get anywhere.
Are there any mortgage experts out there that can help please? Would be much appreciated.
Myself and my wife currently have a mortgage of £90,000 with Nationwide which has almost 5 years left on current deal at 6.2%. We are also looking to borrow a further £30,000 to consolidate some debts and make some home improvements. Our house is valued at £160,000.
We went to see the mortgage advisor at our local branch and we are a little concerned about the advice we have been given as he seemed to keep changing his mind about the different options, didn;t exactly fill us with confidence.
So what is happening now is we are changing our current £90k mortgage to a 5 year deal at 3.09% and the additional £30k we can get over 5 years at 3.49%. However he said what we can do is apply for the £30k first and if it is approved (it is currently with the underwriters for approval) then he will change the existing mortgage to the 3.09% deal.
However a different mortgage advisor is now telling us that he can;t do that. If the £30k is approved then we can't just change the original £90k to a new deal at 3.09%, we'd have to change the £90k and the £30k to a 3.09% which would mean another £1500 early repayment charge on top of the £2600 we are paying for the £90k mortgage.
All a bit confusing I know. On top of this it seems to be taking forever to get anywhere.
Are there any mortgage experts out there that can help please? Would be much appreciated.