Do you need to borrow extra money on your interest only mortgage?

Borrowing more money on your mortgage can be a cost effective way of borrowing money whether it be for Home Improvements, Debt Consolidation, wedding, holiday, deposit on another property, business purposes, the list is almost endless.

By borrowing the money on your interest only mortgage you can often benefit from a lower interest rate as well as a longer term on the loan which can help make the monthly repayments more affordable, however, what happens if you have an interest only mortgage and your lender will either not lend you anymore or insist you convert your existing mortgage to a Repayment method if you borrow more?

Mortgage Magpie can introduce you to a Mortgage Professional that can look at a variety of ways of borrowing more money without losing the terms of your existing interest only mortgage.