i have a mortgage and two secured loans -can i increase my mortgage to include the two secured loans and make one monthly payment a month.
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aligdbabe
1 year ago
Expert Financial Adviser Answer
Paul Ross DipPFS CII(MP&ER)
answered 1 year ago
You may well be able to, but I would speak to either an IFA or a Mortgage Adviser as it's impossible to say with the limited information. It will all depend on a number of factors such as loan to value, your credit score and your income
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Expert Financial Adviser Answer
Darren Smith
answered 1 year ago
Paul is right.
when i have looked at this for clients in the past, sometimes we have been ok and proceeded as per your suggestion, other times not.
this is because lenders increase their rates with your loan % to home value and it might end up costing more per month when a higher rate is applied across the board.
there is nothing to stop you refinancing the main mortgage or the mortgage and one of the loans in order to keep below a certain loan % threshold. But the secured lenders will need to agree to postpone their charge to enable you to remortgage the main loan and you would need to let them know your intentions to repay one loan in order that they consent.
it can be tricky to resolve all this and a good IFA will consider all the implications for you.
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when i have looked at this for clients in the past, sometimes we have been ok and proceeded as per your suggestion, other times not.
this is because lenders increase their rates with your loan % to home value and it might end up costing more per month when a higher rate is applied across the board.
there is nothing to stop you refinancing the main mortgage or the mortgage and one of the loans in order to keep below a certain loan % threshold. But the secured lenders will need to agree to postpone their charge to enable you to remortgage the main loan and you would need to let them know your intentions to repay one loan in order that they consent.
it can be tricky to resolve all this and a good IFA will consider all the implications for you.