Borrowing on existing Mortgage

The_Incredible_Schmoo

Hi all,

Apologies if this is not the correct forum - If this is the case, please move to correct forum Mods :beer:

Just wondering If I apply to add further borrowing to my mortgage would they run a credit check and are what are my actual chances??

I'm with the Halifax (Mortgage & Bank) - for the past 6 months (although had the mortgage for about 4 years) have a mortgage balance £83,063, house valued at at least £125,00 (didn't give me the exact value, but that's the value quoted on the application- So assuming (yep know what assumption is :rotfl:) its £125,000

Looking to borrow £17,000 (clear debts of about £5000 & new Kitchen).

Wages are £27,000 - Very stable job (employed 10years) outgoings of about £850PM (that includes mortgage)

Credit history - Nothing bad showing on files now (did have a bit of a dodgy past but dropped off in April this year) Have about 6 searches over the last year with 2 in last 3 months (so don't want to keep adding to these)

Thanks Schmoo

[Deleted User]

If halifax do it the same way our B/S did you will have to take out a secured loan,there will be fees ours wanted £495 but negotiated down to £200 and added to loan,we had to pay £115 for new valuation,and the total of existing mortgage balance and new loan not allowed to exceed 80%.
So your outstanding mort.of 83k plus loan of 17k would be bang on 80% PROVIDING the valuation was 125k,we expected a valuation of 125k(down from 149k 2years ago)it came in at 115k,but we had lots of equity.

andy.m_2

one tiny thing to bear in mind maybe...
We looked at extended mortgage borrowing to extend out home, well within the 60% LTV etc and all was good, except that our mortgage is fixed for life at 4.99% and the extra borrowing would be at 4.99% variable!!

[Deleted User]

andy.m wrote: »

one tiny thing to bear in mind maybe...
We looked at extended mortgage borrowing to extend out home, well within the 60% LTV etc and all was good, except that our mortgage is fixed for life at 4.99% and the extra borrowing would be at 4.99% variable!!

our case was abit strange,they offered the loan at 4.79% fixed for 3 years,at the time the svr mortgage was 4.99%,just after we sorted the loan they offered(i didnt ask)to fix the mortgage(exc.loan)at 3.99% for 3 years.