Topping up a mortgage - Can someone tell me the steps involved.

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PaddyW

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Writing on behalf of my brother. He wants to top up on his mortgage, but is not sure of what steps are involved. He's looking to top up 15k. What is involved in applying and completing the top up and I basically do not know myself. Or, is there anywhere I can view the stages involved and print them off for him. He's computer illiterate so needs what help he can get!! Thanks.
 
Step 1: contact the lender and see if they will consider advancing a topup loan.
Step 2: take it from there.
 
Well, those parts I knew. But, would he have to engage a solicitor. Is there another valuation of his property required?
 
you know the song - its a long and winding road!! well that was my experience... most frustrating thing ever!

You do need a valuation and will need a solicitor, another great little earner for solicitors on the way, given the current climate!!
 
Valuation was about € 150 i think. sol was approx 1% (+ vat and outlays) and it was the guy that had orig done our mortgage!!. altho i would def say to ring around, major diff between some solicitors.

seriously it took months.... maybe, however, times have changed!
 
I know, got the run around a lot, but was younger and less wiser (as in would give someone an earful on the phone) - oh how times have changed... life makes you tougher!!

One main prob was OH had had a serious illness, but was a couple of years before and still to this day is a major problem for us.

i'm not trying to put you off, but its not a quick fix. choose wisely my friend!!
 
Depending on the lender you may not have to get a solicitor involved for a 15k top up.
Basically you will need to show repayment capacity so 3 recent payslips will be required (if your brother has not moved job since he took mortgage out).
If he has a new job then a salary certificate from employer and maybe last years P60 will be required.
The criteria of each lender is different so it would be best to ask the lender directly.
 
Got one a few months ago- agree it was slow. Needed a sol for transfer of money, needed to get a valuation done, also you need to get your life assurance changed to reflect the Top up - our life assurance ended up being cheaper when we reapplied as the missus had given up smoking since we first got it out! 3 payslips and p60 needed as well
 
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