Hi All
I wonder if you can offer advice in relation to my query
We have a mortgage with KBC - balance outstanding is 170k, on a tracker rate ( house value is approx 450k)
We are planning to renovate and extend another house that we bought three years ago that will become our family home. We have no mortgage on that other house. We are going to use savings to pay for the renovation and build but need an additional 80k to do it.
We were thinking of remortgaging. I phoned KBC today and they said that would be possible alright - though I think perhaps only if the house we're renovating is the current one on which we have the mortgage (not sure about that element). Anyway, the 80k, they said would be given to us at current market rates so w'd keep the existing 170k at tracker and the additional 80k at whatever the going rate is.
My question to you is.... is this the cheapest way for us to get the 80k? Any suggestions most welcome!
Thanks
I wonder if you can offer advice in relation to my query
We have a mortgage with KBC - balance outstanding is 170k, on a tracker rate ( house value is approx 450k)
We are planning to renovate and extend another house that we bought three years ago that will become our family home. We have no mortgage on that other house. We are going to use savings to pay for the renovation and build but need an additional 80k to do it.
We were thinking of remortgaging. I phoned KBC today and they said that would be possible alright - though I think perhaps only if the house we're renovating is the current one on which we have the mortgage (not sure about that element). Anyway, the 80k, they said would be given to us at current market rates so w'd keep the existing 170k at tracker and the additional 80k at whatever the going rate is.
My question to you is.... is this the cheapest way for us to get the 80k? Any suggestions most welcome!
Thanks