Additional borrowing with mortgage - Can I remain with one companybut get extra from another


P

paulfoel

OK. Basically, I want to borrow an additional sum on my mortgage.

Existing lender is happy to do so, leaving my existing balance (£120K)
at my low rate of BS+1.1%, but then providing additional borrowing of
20K at 4.09%.

However, I was thinking. Am I obliged to remain with my lender for
this? Obviously, I don't want to move my entire mortgage off my great
tracker rate, but can I go to someone else for the additional 20K? Im
guessing not.

Am I right that only option is for additional borrowing via existing
lender or secured loan (not mortgage through someone else)?
 
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A

Anthony R. Gold

If you can find any lender who is willing to make a second mortgage
subordinated loan and at a better rate, then go for it.
 

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