Multiple mortgage deals and LTV

Jrw

Hello, first thread from myself, thank you for any information.

Question is does my second mortgage product restrict how much I can increase our LTV when renewing my first mortgage product?

In Jan I sold my property and ported my HSBC mortgage over to a new house with my partner. We required additional borrowing and took out a second 5 year fixed product on the smaller additional amount, this rate was based on a 75% LTV overall.

In December the deal ported is ending. We are looking at building an extension and would need to increase our borrowing to release funds for this.

My question is how much can I increase our LTV to when renewing the first portion of the debt? Does the second deal restrict this as it was based on 75%?

Approx figures are house value £310k, 1st part of debt £158k, 2nd part £71k, current equity £81k.

Looking to raise £30k to add to our savings for home improvement.

If there's another way of achieving this I would be grateful for your knowledge.

Thank you

Thrugelmir

You can apply for yet another product. (Subject to meeting lending criteria). This will result in your having 3 sub accounts (loans) secured by the one mortgage charge against the property.

Jrw

Thank you for your prompt response....

So that I am clear, would the third product be the same type of mortgage product as my current two? if we took a third product out increasing our LTV to say 85% subject to affordability etc the other fixed deals I have that were based on 75% LTV don't affect this?

Thank you

Thrugelmir

The current deals remain would as they are until their fixed term ends. Additional borrowing would reflect the LTV as it would now stand.
Likewise in the future when one of the products ends it's term. Any product offers would be based on the overall LTV at the time. As assessed by the lender.