Is it possible for me to get an advance on my mortgage, say £3000, I only moved house 3 months ago, so Iv only been with my mortgage company for three months, is it possible to get an advance and how to I go about it?
2006-11-07 00:46:58 · 5 answers · asked by duboislynette 1 in Business & Finance ➔ Personal Finance
In the US that is called a cash-out refi. You refinance your mortgage and take equity cash out. Do you have much equity?
2006-11-07 00:49:14 · answer #1 · answered by porkchop 5 · 0⤊ 0⤋
If you have a good track record and sufficient equity, your mortgage lender could provide an additional advance but make sure its sufficient and dont try to keep dipping in for more as your creit rating and credibility could suffer.
Dont forget, the mortgage is long term and a short term loan from your bank could be paid off sooner and not leave you in that debt spiral.
2006-11-07 15:17:04 · answer #2 · answered by Anonymous · 0⤊ 0⤋
As long as you have equity most mortgage lenders will give you the money ('even if you have a poor credit rating'). They will just extend the term of your mortgage by 3 months.
2006-11-08 03:43:48 · answer #3 · answered by Misshopeful 4 · 0⤊ 0⤋
Most of the time you can get an advance.
You should read through your copy of the mortgage offer if you've kept it. Aslo in your Report on Title from yoour solicitor, if you used one, they have have made reference to it when pointing out certain conditions.
You can also call the mortgage company direct and they will tell you.
2006-11-07 08:51:01 · answer #4 · answered by Anonymous · 0⤊ 0⤋
Go to your mortgage lender and ask them. they will add on the amount to your existing mortgage. silly billy !!
2006-11-07 08:50:42 · answer #5 · answered by london lady 5 · 0⤊ 0⤋