Adding an extra 10k to your mortgage

jamiestoddart

I recently took a mortgage out with ING (approx 1 - 2 months ago), we are now looking at moving at would like to borrow an extra 10-15k, wil they just give me it or do i have to go through the process of proving incomes again?

MortgageMamma

Hi Jamie

Are you intending on porting your mortgage across to the new property - how come you took a mortgage 1-2 months ago and then decided to move so quickly?

jamiestoddart

yeah looking at shifting my mortgage across which i believe i can with this mortgage, just 'had enough', need bigger space and local schools will be better. My other half was on maternity leave and now has quit work to look after our 2 kids, we have a joint mortgage of 90k and i was quoted for a mortgage in my name only i could only get 78k, so we got it b4 my wife quit work. There is no problem paying it off its just what they would allow me to have

MortgageMamma

I'm not sure what ING's affordability criteria is to be honest as I've never placed a case with them as the don't deal through us brokers. I think if you give them a call and explain they will tell you what the max is you can borrow, ask them if they will take your tax credits into consideration

one thing I would warn you about though is increasing your outgoings with a new addition to the family and a drop in income, I dont think its wise at this stage, but only you can know if its really doable

jamiestoddart

MortgageMamma wrote: »

I'm not sure what ING's affordability criteria is to be honest as I've never placed a case with them as the don't deal through us brokers. I think if you give them a call and explain they will tell you what the max is you can borrow, ask them if they will take your tax credits into consideration

one thing I would warn you about though is increasing your outgoings with a new addition to the family and a drop in income, I dont think its wise at this stage, but only you can know if its really doable

all i want to do is borrow an extra 10k or so, i just need to know if they are likely to ask for further proof of income?

MortgageMamma

They are most likely to ask yes, if you are moving house then they will do a new affordability assessment based off the new borrowing amount

_Andy_

jamiestoddart wrote: »

all i want to do is borrow an extra 10k or so, i just need to know if they are likely to ask for further proof of income?

Without meaning to be blunt, why don't you just ring them and ask?

jamiestoddart

i am currently on hold to them, do you know how long it takes to speak to someone!!! i'm faling asleep with this hold music!

MortgageMamma

Most people who come on here and ask questions such as this are usually doing so so they can manipulate what they tell the lender so as to achieve what THEY want

jamiestoddart

MortgageMamma wrote: »

Most people who come on here and ask questions such as this are usually doing so so they can manipulate what they tell the lender so as to achieve what THEY want

yep your right, i can afford the payments but the trouble is they will only offer me 78k and my mortgage is now 90k (joint), my wife has given up work and i want to borrow an extra 10-15k, we can handle the repayments!

i dont know what i can do, can i go to another lender and borrow the extra 10-15k?

MortgageMamma

Do you have early repayment charges on the mortgage? If you cannot port it to the new property and you go to another lender, you need to know what the early repayment charges will be

do you have any equity in your property?