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  • Another mortgage question:
    Based on previous advice here, we have a new rate locked in for August when our current fixed deal expires . This rate is lower than that which is currently available but we’d now like to borrow slightly more money (an additional %15 borrowing, LTV remains broadly similar).
    Will Nationwide cancel the old rate and do the whole lot at a new (worse) rate, or just add the additional borrowing at the new rate?

  • Nationwide do not lend to repay an existing loan with Nationwide. I've been through this several times.

    So the solution is you get a new separate mortgage for the new borrowing. It's not an issue although I've ended up with 4 separate mortgages with them, 3 of them are for quite small amounts.

  • It sounds as if I need to speak to them then - I started the online application process for increasing the borrowing but it wasn't clear if it would be for the entire amount or only the additional (£105k vs £15k).
    Ideally we'd release the additional borrowing now rather than August but I don't desperately want our accounts looked over as they've not been sanitised yet!

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