prov agreed additional borrowing then told no, approach another lender?

longwalks1

my mortgage is with FDirect, details below:

Owe: £105,000
Property value: £180,000
fixerd for 5yrs at 4.99% offset (3 years left on it - 17 years left in total)

I earn £32,800 pa, with a guaranteed contracted ovetime of £2,700 and a shift bonus of £5,010 = total £40,516

The last 5 years our annual bonus has been £3,000 and they wont take this into account either (I know this is the norm)

I asked to borrow another £15k, they agreed on phone then i sent signed agreement back with payslips, only to be told no as my basic wasnt enough, is there anything i can do about it?

If not, is it worth approaching another lender maybe?

Thanks in advance

dimbo61

If you have a look at a few lenders websites they have calculators which show how much you can borrow
I would think you should be able to borrow 4X income and even using your normal pay without OT or bonus thats £120K
What you have to look at is the ERC you will need to pay and what deals are available to you with your LTV

Wh05apk

What is the £15k for? if it is debt comsolidation, it may be they have not deducted the loans etc you are repaying from your commitments, as at just over 3x g/td income you should be fine.

Unfortunately HSBC/FD although offering very good rates, do like to cherry pick, and after commiting to them for 5 years is not the time to find out they view you as "marginal"

longwalks1

Hello again
Wh05apk, the additional borrowing is for home improvements, I was hoping to keep my existing mortgage with FD, as Im fixed for 3 more years, so was hoping to borrow from another lender (not sure if its called getting a 2nd mortgage, or a secured loan?)

Or is my only option to pay early redemption charge out of FD, and shop around for a new lender?

Any help or advice greatly recieved