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Limit on number of times you can take additional borrowing?
Morning,
I currently have 3 mortgage products with HSBC - original mortgage plus 2x additional borrowing. I am considering an extension to my home and will therefore need to borrow further funds. Before I progress with the architect I was wondering if anyone knew whether there was a limit on the number of times you can borrow more money?
Even with additional borrowing I will be comfortably below 80% LTV so no issues in that regard but wasn't sure if I can effectively have 4 products on the one home?
My most recent additional borrowing was only 3 months ago, is that also likely to be an issue?
Have tried to call the banks but can't get through so thought I would ask on here. Any advice much appreciated.
Comments
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Managed to get through to the bank. The answer is that there is no limit on the number of products. However you cannot borrow more until at least 6 months after your most recent borrowing.
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