Want to borrow 30K, remortgage or add to existing mortgage

[leemarkadams]

Hello all,

Currently have a joint mortgage with the wife, with a balance remaining of £56,000 on a property valued at approx £350,000 and we have 3yrs and 3 mths term left (rate is 3.79% SVR). we have been overpaid a lot in the last few years to get the term down and we were looking to pay it off ASAP.

Anyway, we are now considering buying a larger boat and in order to get the boat we want we will need to find an extra £30K to add to our current savings etc.

So, what would be the best way to get that £30K?

Option one - stick with Santander and avoid a re-mortgage?
-Extend the term of our current mortgage with Santander to 6 yrs and then borrow the 30K from them at 3.99% over 6 years? However we will look to overpay every month anyway to bring the term down again).

Option 2 - remortgage and add the 30K to the actual mortgage loan, however this will involve solicitors, surveys etc


So, what are peoples thoughts on the best way ahead, as we would still want the ability to overpay if at all possible as often as possible?

Lee

[leemarkadams]

Thanks and Sarnie.....you there then?