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06/12/2014 12:22 pm
Hi, Just finishing my TD, my Mortgage is due for renewal in the next 6months or so, and wondering if...
A. I would have any problems trying to get a better deal with a mortgage somewhere else apart from my current lender?
B. Any possibility of a House improvement loan added onto my mortgage?
My finances are stable, and financially very good again after the three years in the TD. Would the Lender look at the possible security of the loan against the home favourably? or would it be a case again that the home loan would be against me personally and my financial record?
Reading between the lines, & regardless of my positive income and low expenditure and the fact that i could in fact easilly afford this loan onto my monthly mortgage, would this make any difference, or is it a case that once a bad debtor, always a bad debtor till another three years has lapsed?
We obviously realise that we cannot go down the same road again as the mess we were in previous with living beyond our means and intend to live within our budget.
Any help or advice would be much appreciated.
06/12/2014 12:27 pm
Hi Rickie1.
Lenders have two types of security, the property itself and their assessment of your creditworthiness. Realistically the second area will be a challenge for you soon after a trust deed.
You might therefore be best seeing what your existing lender can do for you. Again the creditworthiness aspect of this might be a challenge in terms of increasing your borrowings.
This article might be a useful read:
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds 
Topic starter
07/12/2014 4:56 pm
Much appreciated. Very helpful Thx
