HSBC additional borrowing

iazcac

Hi,
If I were to borrow more with my existing HSBC mortgage (for home improvement/extension purpose) would it be at my existing mortgage rate or would it be at today's mortgage rate and a separate payment from normal monthly one?

FashionHeart

iazcac said:

Hi,
If I were to borrow more with my existing HSBC mortgage (for home improvement/extension purpose) would it be at my existing mortgage rate or would it be at today's mortgage rate and a separate payment from normal monthly one?

If your home has increased in value since you bought it, you could apply for additional borrowing from your mortgage lender which will be a different rate from your current mortgage.
We've personally looked into this ourselves as we are also with HSBC for our mortgage however, we ultimately thought it is risky.
Increasing your mortgage for home improvements might add value to your property but using a further advance to pay off debts is rarely a good idea.