Refix and further advance

deminimis

Grateful for any advice you may have on the following:

I moved house in March 2021  by porting my mortgage with HSBC. The LTV was 80% after porting. 

My fixed rate runs out in May 2022.

I think the value of the house has gone up based on general house price inflation.

I need to borrow about 10% more on the mortgage for a loft conversion. This would take me up to 90% LTV. 

My questions are:

1.Will May 2022 be too early to request a revaluation? If the house has gone up by say 5% then I could borrow the same amount but at an 85% LTV. 

2. Is it possible to re-fix the current mortgage at 80% LTV and then request a further advance? If so, would I pay the 90% LTV rate only on the further advance or on the whole mortgage amount? 

Affordability isn't an issue as current mortgage is at <3x my income and with the further advance it would be about 3.3x.

getmore4less

https://www.hsbc.co.uk/mortgages/existing-customers/borrow-more/

if you borrowed at 80% need another 10% and the property has gone up 5%

your new LTV would be 90/105 = 85.7% (not 85%)

https://www.hsbc.co.uk/mortgages/existing-customers/borrow-more/

The borrowing more rate sheet only goes up to 85%

you also may want to look at the fee/no fee options and additional borrowing.

if done at the same time you may get the same rate and one fee.

Extra borrowing alone will almost certainly be no fee unless you have a massive mortgage so 10% gets into fee is best range.