We have a cracking rate with the woolwich, I don't want to change that rate,if i need to borrow some more,can i take out additional borrowing with a different lender taking a second charge or will i have to take out the additional borrowing with the woolwich as well ?
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Firstly, it all depends on what type of mortgage you have wth the woolwich. If it has an offset optio it may well alsohave a "reserve" option, which basically works like an overdraft. When you first got your mortgage they would have given you a maximum fugure tha you could borrow - if your mortgage has reduced from his hen you can always borrow bcak up o that limit again,
ie.........you originally borrowed £200k and had a reserve figure of £225k.........you now owe £175k & so can borrow a further £50k.
However,,,,,,,,,,
if you don't have a reserve then you could apply for a further advance , but this is likely to be a different rate than you currently have, although likely to be around 2.5%- 4% so not that bad.
A second charge by another lender is nowdays not that common and frankly not really a option.
It really depends on when you bought the property and how much you originally borrowed.