Mortgage

[Lady Le B]

Is it possible to incorporate a existing loan into a my 1st mortgage?

[Mrs_Pegasus]

It is possible but it depends on your loan to value amount i.e. are you asking for 95% mortgage.

Your loan will have been taken into consideration when you applied for your mortgage and would have decreased the amount you could borrow.  If you are already near to having the maximum loan, the chances are the lender may not be keen to add to this amount by taking on your loan i.e. increasing the amount they are lending you.

I would speak with your lender and ask their advice.  The other way is to wait until the value of the property has risen and then ask for an equity loan although this can be expensive if its only a small amount i.e. less than �10k because it will involve an expense

[Uzoma]

Also bear in mind that when it comes to loan consolidation, there can be a lower proportion allowed to be borrowed when you are borrowing more for the purpose of debt consolidation. This means that if you want to borrow for the purpose of building an extension, you may be allowed to borrow a greater proportion of the home value (because this will ultimately increase the home value).