HSBC and borrowing more

Middy123

Hi,

We have a joint mortgage with HSBC and the balance is £27k. Looking to re-mortgage/home owner loan to do home improvements of approximately £30k (making the new mortgage £57k). Our house is worth around £200k and we'd want to borrow over around 5-7 years max. The current mortgage is due to finish in about 3 years. We are paying £695 a month and haven't remortgaged since 2009 (I know, we should have done :mad: ). Quick calculations on the HSBC website show that the monthly payment would come down to just over £500 p/m.

The mortgage is in both of our names but I have since become self employed with little income. We'd be applying just in my husbands name and a salary of £45k. He has card debts of £7k and a car loan of £299 a month. He has a good credit score with no defaults.

Couple of questions:

1. Are there any issues in just applying in his name for a current mortgage?

2. What are peoples opinions in applying online - any good or bad stories? Or are we better applying in branch?

Any other advice welcomed.

Thanks in advance

dimbo61

Your husband's income should be enough for you to get the mortgage but you should have both names on the mortgage.
You want to borrow more money so I don't think you can apply online.
Age and credit history will be important. Loan up to retirement age 67/68

Middy123

Thanks. We're both under 50 so age isn't a problem at the moment. We both have good credit ratings but my income is so low currently I don't think it would make that much difference. So, he can apply for the mortgage but I can be named on it, is that right?

Thanks again :-)

Middy123

As we're borrowing more on an already ongoing mortgage would it take long for the process to go through. I see HSBC are offering same day offers when applying in a branch that offers the service.

Any helpful thoughts much appreciated. Thanks.