HSBC Additional Borrowing

Mayroad99

Hi


Probably worrying unnecessarily but will ask for advice anyway.


Looking to take some additional borrowing from HSBC.


Currently have mortgage with HSBC with £130K outstanding + £20K additional borrowing mortgage with HSBC


Joint income with wife of £75K and both been in jobs for a number of years. Been in house for 8 years and both on electoral roll.


Have credit card debt of approx. £5.5k on 0% interest and not looking to pay that off with additional borrowing.


Had much larger debt (£40k) but cleared that in January 2019.


House is worth around £375,000 and looking to borrow £50K for home improvements, taking our total borrowing with HSBC to just under £200K. Will tie in new additional borrowing to same terms as existing products.


Does anyone see any issues, particularly re credit cards ? Experian says excellent credit score, and never missed a payment, or had CCJ etc.


Thanks

Retired_Mortgage_Adviser

The quickest way to find out would be to use the HSBC affordability calculator here, enter all your income, commitments, etc accurately and it should give you a decent idea of whether you can afford to borrow 200k.

It should give you both the maximum lending based on the specific property and the max lending based on your affordability.

https://portal.intermediaries.hsbc.co.uk/affordabilitycalculator/affordabilitycalculatorpage.php