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Renew with HSBC & Additional Borrowing, How to do?

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What is the most cost effective way to do this? 

Mortgage 156k
Value 275k

Renew rate at 5 years, but top it up to 160k.

Can I take out small additional borrowing, overpay back to 160k across two accounts, then request change term, to effectively get it all within one account pot again? 

Comments

  • kingstreet
    kingstreet Posts: 39,248 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    HSBC minimum further advance is £10,000.

    It's separate to a rate switch and is processed like a new application.
    I am a mortgage broker. 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.
  • IAMIAM
    IAMIAM Posts: 1,332 Forumite
    Fifth Anniversary 500 Posts Name Dropper
    HSBC minimum further advance is £10,000.

    It's separate to a rate switch and is processed like a new application.
    I understand this.....Can I take out small additional borrowing, overpay back to 160k across two accounts, then request change term, to effectively get it all within one account pot again? 
  • Hoenir
    Hoenir Posts: 7,430 Forumite
    1,000 Posts First Anniversary Name Dropper
    Remaining with HSBC. You'd continue to hold two seperate loan accounts. 
  • IAMIAM
    IAMIAM Posts: 1,332 Forumite
    Fifth Anniversary 500 Posts Name Dropper
    But aparently i have read somewhere, if i change the term on two accounts, they merge them into one
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