hi i was wondering if any one can help me i am coming out of a fixed rate mortgage in september with alliance and leicester i currently owe 44500 on my mortgage and house price is valued at 115000 i was wanting to borrow another 9500 taking it to 54000 to pay off my credit card and do some home improvements do i need to get a remortgage for 54000 or 44500 and a further loan for 9500 alliance and leicester were wanting 7.2 fixed rate so will have a look around any help is apreciated thank you

Hi....if you move lenders the loan amount is the single higher figure, £54,000. If you remain with an existing lender the extra borrowing is lent via a sub account and often has a higher rate. You need to seek a lender with low or no fees as you have a relatively low loan amount, see an independent local fees free broker for the largest choice of products.

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Regards

Ian

hi thanks for your advice ian i take it that i am looking at changing lenders so if i get 54000 the 44500 i owe alliance and leicester will be automatically deducted and the 9500 left in my bank account is that right sorry for being a pain

You've got it!!!

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Regards

Ian