mortgages

[stephen2504]

i havea house worth 75000 and a mortgage for 43000 im wanting to add twelve thousand on to it can i just set up a new mortgage for 55000 with a new lender

[bednobs]

usually, yes

[Oneeyedvic]

Yes, so long as you can afford the repaymnets etc. This is usually the cheapest way of borrowing extra money - but check that you don't have a redemption penalty to pay to end your current mortgage.

It may also be possible to borrow the extra �12k from your existing mortgage company - will only take a phone call to find out, an may be cheaper in that there wil be no fees involved.

[granny grump]

Firstly check with your existing lender - it may be cheaper thatn going elswhere and it should certainly be less hassle - it is all down to affordability now and does not just go on income alone. If you do decide to go with another lender - don't forget all the extras - valuation solicitors searches etc and make sure that there are no exit penalties with your current lender.