Increasing existing Halifax Mortgage to purchase 2nd property

SammyFace

We finished building our new house at the end of last year, it's currently valued at £350,000 with a £37,500 interest only mortgage with the Halifax.

We're interested in buying a property nearby with a view to renovating and then renting - we would need to borrow circa £135,000 (if I did most of the work myself) which along with our existing mortgage would bring the total borrowings to £172,500.

My first thought would to be approach the Halifax and ask to increase our existing mortgage using some of the equity in our home. My OH's basic salary is £44,500 with a yearly performance bonus of approx £5K. We have no loans or CC debt and according to the Halifax Calculator we appear to be fine on paper.

Can anyone advise if they consider this to be the best route and if so, what reason should I give for requesting the increased borrowings?

opinions4u

Can anyone advise if they consider this to be the best route

I'd see a broker and ask for remortgage options.

and if so, what reason should I give for requesting the increased borrowings?

The truth.