Additional Mortgage Borrowing

[TomArt]

Hi all,
I'm am planning to get additional mortgage borrowing. My mortgage rate is low so this additional borrowing should be affordable and shouldn't rise any concerns with the lender.
Now, do I have to provide information on how I'm planning to spend the money? Or would it be sufficient to say that I need this money due to family reasons?
I would really appreciate if I could hear your opinion about it. Any suggestions on how to deal with it?
Many thanks
Arthur

[nemesis45]

Re: Additional Mortgage Borrowing

Hi all,
I'm am planning to get additional mortgage borrowing. My mortgage rate is low so this additional borrowing should be affordable and shouldn't rise any concerns with the lender.
Now, do I have to provide information on how I'm planning to spend the money? Or would it be sufficient to say that I need this money due to family reasons?
I would really appreciate if I could hear your opinion about it. Any suggestions on how to deal with it?
Many thanks
Arthur

,



Good morning Arthur

The process of getting an mortgage now Is based on a much more intrusive approach, mortgage providers are looking at income and outgoings in great detail even down to how many time a month one eats out, goes to the gym etc.

Also Affordability not only at the time of application but in the future should interest rates increase.

I have no doubt that you will be questioned on the need for an additional mortgage and what it will be used for.

The best approach is to be totally up front about finances past and present, check your credit reference files (at least 2 out of the 3 main agencies, Equifax. Experian, and Call Credit) so you are aware what the prospective lender (s) are seeing about you and your management of personal credit.

nem