New mortgage + Additional borrowing

[ukwill]

Current fixed ends shortly. Would like to sort new deal and borrow more at the same time for a refurb project.

My current lender isn't amongst the best rates that I can find in the market (by about 0.3%)

Is it simple to remortgage elsewhere at the same time as borrowing more, or do I stay put?

[Sarnie]

ukwill said:

Current fixed ends shortly. Would like to sort new deal and borrow more at the same time for a refurb project.

My current lender isn't amongst the best rates that I can find in the market (by about 0.3%)

Is it simple to remortgage elsewhere at the same time as borrowing more, or do I stay put?

"(by about 0.3%)"

^This is what a lot of people don't realise. Retention rates are often very uncompetitive when compared to what is available from other lenders......yes, there is the convenience of being able to do it quickly and simply, but that comes at a cost.

Sometimes if there has been a change of circumstance (job, credit score, credit commitments) then it may be the best thing (or only thing) you can do. But if not, then taking a retention rate from the current lender is a quick way of locking into a very expensive rate for a long period of time because you preferred to click a button rather than spend a bit of time applying elsewhere.

If you want to alter anything about your mortgage (term, further lending etc) then you are going to be subject to a full underwrite anyway, so going through that and taking an expensive product, at +0.3% in this instance, isn't going to return you the cheapest way of getting the funds you require....