OK. Basically, I want to borrow an additional sum on my mortgage.
Existing lender is happy to do so, leaving my existing balance (£120K) at my low rate of BS+1.1%, but then providing additional borrowing of
20K at 4.09%.
However, I was thinking. Am I obliged to remain with my lender for this? Obviously, I don't want to move my entire mortgage off my great tracker rate, but can I go to someone else for the additional 20K? Im guessing not.
Am I right that only option is for additional borrowing via existing lender or secured loan (not mortgage through someone else)?