Your browser isn't supported
It looks like you're using an old web browser. To get the most out of the site and to ensure guides display correctly, we suggest upgrading your browser now. Download the latest:

Welcome to the MSE Forums

We're home to a fantastic community of MoneySavers but anyone can post. Please exercise caution & report spam, illegal, offensive or libellous posts/messages: click "report" or email forumteam@.

Search
  • FIRST POST
    mercexe
    Borrowing more on Halifax mortgage
    • #1
    • 5th Feb 13, 8:51 PM
    Borrowing more on Halifax mortgage 5th Feb 13 at 8:51 PM
    Hi all

    I took out a Halifax mortgage last August. The loan-to-value was 80%.

    Since purchasing the property we have added a second floor and three bedrooms (it was a bungalow) and carried out a complete refurbishment. I estimate our loan-to-value is now more like 65 or 70%.

    I have a couple of expensive unsecured loans and credit cards and would like to pay them off by adding to my mortgage.

    I notice Halifax require you to have had the mortgage for six months, so I've just become eligible. I just want to know the process for this - will they carry out another full credit search, require bank statements/wage slips etc.? i.e. will it be another cumbersome/long process or is it more straightforward and will they just internally check?

    Obviously the house will need to be re-valued and that's fine. My main worry is that, although I have NEVER missed a payment and have a clean credit file, my "% of credit being used" is about 90% so I guess that might worry them a bit.

    Appreciate any advice/input! Thanks!
Page 1
Welcome to our new Forum!

Our aim's to save you money quickly and easily. We hope you like it!

Forum Team Contact us

Live Stats

2,709Posts Today

7,610Users online

Martin's Twitter
  • Thanks to @CBBC_Hacker for sending us our own Hacker, baby MSE is smitten. Altight cocker. http://t.co/mdVVz56YHD

  • RT @MoneySavingExp: Hi folks - the site will be down from 10pm tonight until 8am tomorrow while we re-charge the batteries with some behind?

  • Uk dominating world long jump.Who'd have thought it. Kathy Cook's British 200m record about to go I think. #Beijing2015

  • Follow Martin