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When to apply to borrow more on mortgage

Sofee3
Sofee3 Posts: 96 Forumite
Fifth Anniversary 10 Posts
in Mortgages & endowments
We have sold a house we rented out and will be applying to borrow more on our current houses mortgage as we are going to be doing an extension on it. My questions is once we clear the mortgage for house we rented and pay off a couple of credit cards, how long should we wait before applying to borrow more money? Our credit scores are very good for both of us even with the 2 mortgages and some balances on credit cards. Both mortgages are with Halifax.
Thanks

Comments

  • K_S
    K_S Posts: 6,893 Forumite
    1,000 Posts Fourth Anniversary Photogenic Name Dropper
    @sofee3 Assume you're talking about additional borrowing / further advance from Halifax on the current house you live in, and you have lived there for 6months+?

    Unless I've misunderstood your question, you don't *need* to wait.

    I am a Mortgage Adviser - You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. 

    PLEASE DO NOT SEND PMs asking for one-to-one-advice, or representation.

  • Sofee3
    Sofee3 Posts: 96 Forumite
    Fifth Anniversary 10 Posts
    Yes sorry that's what I mean, additional borrowing and yes lived here for over 6 months. 
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