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Top up mortgage

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  • Top up mortgage

    I am self employed in my own limited company, strictly speaking employed but find I am classed as self employed. I have many years of accounts but I was taken for £45k in 2007 so for 4 years I showed poor accounts as the loss was clawed back. For the last 2 tears, I a have show a reasonable profit and this year is the best ever, (accounts not ready for this year until May 2013).

    From the year when I lost the £45k, I accumulated some debt with credit cards and would like to clear them now by re-mortgaging or better still getting a top up mortgage.

    House value is £180k, existing mortgage £65k, I would like to borrow £35k to clear ALL my other debts. I currently pay over £600 per month in repayments and mostly interest on the credit card debt so can easily pay any extra on a mortgage. Problem is, my bank wants a full re-mortgage at relatively high rates of interest. My current mortgage is £65k @ 0.75% so I would like to retain that if possible as the interest is approx £400 per year.

    Mortgage term 10 years.

    I am reluctant to get loads of quotes as they take a credit reading which makes the problem even worse.

    Any advice would be welcome.

  • #2
    Re: Top up mortgage

    Your best bet if you want to stay on that rate is take a secured loan, but you may find the rate too high in which case you will have to come off that mortgage rate. There are some good deals around at the momment for sub 2% on a remortgage
    Last edited by Mortgage Broker; 10-12-2012, 03:07 PM.


    • #3
      Re: Top up mortgage

      Thanks for the quick reply, I decided to try my existing lender and they are willing to do it as a top up which means I can keep my existing mortgage @ 0.75% (not 0.5% as stated earlier).

      I asked them 12 months ago and they said "no", not sure why they have changed their policy.

      If I have any problems, I will be in touch.