# Re mortgage time



## shane_ctr (Dec 17, 2006)

Hey all,

Need some advice my first mortgage is coming up for a renew we have been on a 2 year fix.

We paid 180k for the house in 2012 

We put down 36k

So we have a mortgage of 144k

We pay £620 per month over 30 years 

Since this I have done a lot of work to the house with new double glazing throughout, installed a 4x4 top end conservatory a utility room and new kitchen, 

I have had the house revalued by a couple of agents who have said its now worth between 225k and 230k, I had to borrow 8k to do all this work as my savings soon ran out lol,

What I need to know is can I add this 8k debt to my mortgage or is it not looked on as a good thing. 

Has anyone seen any good deals about as ideally would love to bring monthly payments down a little bit more.


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## shine247 (Mar 1, 2010)

Yes, it is possible to add it to your mortgage, you should be able to take the additional borrowing over a shorter term if you like. That way you can clear that part of the debt quicker. I would mention why you have the debt. Clearly your mortgage rate should be better than the loan rate and are there any penalties to clear the unsecured debt? Take into account any further valuation fees, some lenders will not charge as they get your business. They may just do a desk-top valuation for a re-mortgage.
Many people suggest brokers to find a deal but if you look at various financial sites it is pretty straight forward.


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## Clean ocd (Mar 29, 2014)

You can run mortgage as normal and have a secure loan run along side ur mortgage at same rate


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## LeadFarmer (Feb 23, 2011)

I did this with my first house. I purchased it for £60k but put £10k down as deposit. A couple of years later I borrowed this £10K from the mortgage company for house improvements, and had it added to my mortgage.

Beware, just because mortgage rates are lower than loan rates, if you spread extra this debt over 30 yrs then it may work out more expensive than a bank loan in the long run.


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