Mortgage advice

[Lannister902]

Hi everyone,

I'd just like some advice. I've currently got a mortgage with 2 years left. I have around £30k left on the mortgage, but I NEED to take some out to pretty much fix up my entire house, including a large extension. So require around 100k. I'd like to take equity from my house
The house it currently valued at around £230k.

Do i just pay off the early repayment charge (only 1%), and go to a different lender for a mortgage of £130k?

Is that the best way for me to go ahead?, or any alternatives?

[HappyMidget]

Why not talk to your current lender?

[covmutley]

I borrowed some to do an extension and took out a second mortgage with my current lender.

That would seem the easiest option for you?

[Mark83]

Keep existing mortgage and take out second mortgage with current lender for the amount required? Saves any ERC and preserves your current (presumably better) rate for the next two years of that mortgage. Obviously depends on rates and ERC as to whether it's worth it or not. You need to do the maths.