additional borrowing process

poppy123b

hi there, have an appointment at the end of the month, with Halifax regarding some additional borrowing on our mortgage for some house repairs etc we want to borrow an extra 15k
they have done some basic checks already when i seen them last month about it, but as it had not yet been 6 months that we had had held the mortgage for with Halifax we were unable to proceed further until now.
was just wondering how long does the whole process usually take from interview to the stage for funds to be transferred in to the bank once the application has been submitted ?
many thanks for your help

Marshyman

Additional borrowing timescales are around 4-6weeks to completion and release of funds, quicker if fewer checks are required (valuation, employment references ect)

However from the 26th of this month new rules are being introduced to all mortgage lenders which is likely to have an impact on processing times, providing your accepted on these new rules i would pencil in around 6-8 weeks from the date of completing your application

Marcello

Halifax Mortgages are currently taking up to 30 minutes to speak to an advisor due to the new lending regulations. I was told that they are training additional staff, this is obviously impacting service so would expect things to take longer than expected.