Increasing a Halifax re-mortgage, checks?

jonf

Hi all,

we've just come off a Halifax 5 year fixed rate and gone onto their base rate thingy for a while, we now want to sign up for another fixed rate with them which I understand is very straightforward and without income checks etc., can anyone tell me- if we wanted to increase our mortage amount by 5K for home improvement- would we then be subject to income checks etc?
We would be getting a 55k mortgage on a house worth about 200k,

All feedback is much appreciated,

Jon

VIGILANT22

If increasing you will have income & credit checks

_Andy_

jonf wrote: »

Hi all,

we've just come off a Halifax 5 year fixed rate and gone onto their base rate thingy for a while, we now want to sign up for another fixed rate with them which I understand is very straightforward and without income checks etc., can anyone tell me- if we wanted to increase our mortage amount by 5K for home improvement- would we then be subject to income checks etc?
We would be getting a 55k mortgage on a house worth about 200k,

All feedback is much appreciated,

Jon

Yes they would do checks - do you have any concerns about it?

jonf

Cheers for the replies guys,

Does anyone know what the standard checks etc are, I ask because I am just coming to the end of being a post-grad student and so earnings are low and my partner has been self employed for the past 10 yrs, we originally got a self certified joint mortgage,

thanks,
Jon

_Andy_

Halifax don't do self-certs - sounds like you would have had a 'fast-track' mortgage.
I'd assume they'd be wanting three months payslips from yourself (not sure if you're working at all or not), 3 years accounts for your partner.
A broker on here may be able to clarify though (possible it would be fast-tracked again I guess).
Given the LTV I wouldn't be worrying too much unless your partners income is very low.
HTH

opinions4u

jonf wrote: »

Hi all,

we've just come off a Halifax 5 year fixed rate and gone onto their base rate thingy for a while, we now want to sign up for another fixed rate with them which I understand is very straightforward and without income checks etc., can anyone tell me- if we wanted to increase our mortage amount by 5K for home improvement- would we then be subject to income checks etc?
We would be getting a 55k mortgage on a house worth about 200k,

All feedback is much appreciated,

Jon

The world has moved on since my days of dealing with a Halifax further advance.

Assuming you are increasing your debt by a modest amount and have a low LTV any verification checks will most likely be minimal. In the past a well conducted mortgage in the same circumstances would have been able to walk away with the funds very quickly without evidencing income.

As others have said, expect to have to produce recent payslips / accounts, but unless you don't have a half decent income there should be no problems.

You will be credit scored, there will be an arrangement fee for additional lending and a product fee for the fix that you choose to go on to.