Extra borrowing HSBC - feasible?

davilown

Hi

we currently have a mortgage with HSBC for £215,000 and are looking to borrow another £50,000 to finish house refurb (loft conversion, garage and drive).

House value (currently) £550,000
OH income £42,000
My pension £11,000
New job income £27,000.

My issue is that I don't start the new job till next month and have only had a trainee teacher bursary for the last year.

Questions

1. Is it feasible looking at our income (no other debts apart from a car HPI) to morrow the extra and,
2. Do we wait till I have at least 3 months wage slips?

Thanks

PrivateFinance

Hi there,

1. In short yes, a loan amount of £265,000 given a joint income of £69,000 (+ pension) is definitely feasible
2. The majority of lenders will require at least 1 payslip, however there are a number of lenders who are able to base their affordability assessment on your new contract, as long as the new employment commences in the next 3 months.

Note, this is all dependent on your ongoing credit commitments, credit profile and a satisfactory valuation.

If you'd like to talk through your options with one of our advisers, i'd be happy to point you in the right direction,

All the best!

davilown

Thanks very much - should I just phone HSBC and ask them if I should wait for the payslips?

Cheers again

davilown

Just a quick update

Spoke to HSBC, because I'll be earning more than 20% less in my new job than previously, I'll have to wait till my first pay statement not apply. They were happy with the combined income as well.

Thanks again for your advice