Additional Borrowing with Halifax

Mortgage_Mark_2

Goldiegirl wrote: »

There's no need to re-mortgage, unless you want too of course.

You could apply for a Transfer of Equity to add yourself on to the mortgage, and apply for the further advance for home improvements, all as part of the same transaction.

At the end of this, the existing mortgage would become a joint mortgage, you'd keep the same fixed rate product on the existing borrowing, and the further advance would on a product from their existing range.

Once the transfer to the joint names had been completed, they'd pay the money into your bank account, so that you can use it when you are ready.

One thing to note, a solicitor would have to be instructed for the Transfer - typical costs £400 to £600

Of course, all this is subject to their underwriting requirements

Transfer of Equity does not mean you can be 'added' to the mortgage. This is the legal transfer of equity and has nothing to do with the mortgage. In order to be 'added' to the mortgage, it would need a whole new application, paying ERC's if you're within the fixed rate period.