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Additional borrowing shortly after taking fixed mortgage

mjlondon

mjlondon Posts: 6 Forumite

Sixth Anniversary

Combo Breaker

13 April 2015 at 2:46PM in Mortgages & endowments

Hi

I bought a new home last July (2014) and am looking to have some building work done this summer to extend the kitchen and add a bedroom.

Are there any rules around additional borrowing and how long you have to have the initial mortgage for before asking for further borrowing? My LTV is around 60%

any help much appreciated!

Thanks
Mark

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Comments

lucie_1985 Posts: 109 Forumite

13 April 2015 at 3:02PM

Usually seems to be 6 months

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Mortgage_Mark_2 Posts: 857 Forumite

13 April 2015 at 3:28PM

Depends on lender. Halifax, for example, will not consider a further advance before 6 months.

I am a mortgage adviser.

You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.

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Thrugelmir Posts: 89,546 Forumite

13 April 2015 at 5:54PM

Any advance will be based on the current value of the property. So while it's currently 60% LTV. What's the impact of the work you propose doing?

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