Additional Borrowing with Halifax

Ortegam2014 · 10 November 2015 at 12:52PM

hi, I have held a mortgage with Halifax for 2 years and recently rolled it into another 2yr fixed term. I am now speaking with them to borrow an additional amount for home refurbishment. I have met in person with their in branch advisor and everything has been approved in principle.

The advisor tells me that he is underwriting the additional borrowing and that it will go to head office only for a check. The current mortgage is approx. 40% LTV, the additional borrowing will take it to 58% (this is based on their valuation). I have passed the affordability checks and have good credit rating etc.

Can anyone tell me if Halifax are likely to undertake any checks other than what has already been done (which as far as I'm aware is a credit check only). Are they likely to contact my employer or HMRC for confirmation of salary/bonus?
Many thanks!

foxy-stoat · 10 November 2015 at 1:15PM

You need to ask Halifax. I would just wait and see what their decision is.

Thrugelmir · 10 November 2015 at 2:36PM

LTV is less than important than income to debt ratio. You may well have only a 58% LTV. On the other hand you are looking to borrow over 4 times your total income which includes discretionary bonuses.