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Renew with HSBC & Additional Borrowing, How to do?
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IAMIAM
Posts: 1,334 Forumite
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?
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?
0
Comments
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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.1 -
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?kingstreet said:HSBC minimum further advance is £10,000.
It's separate to a rate switch and is processed like a new application.0 -
Remaining with HSBC. You'd continue to hold two seperate loan accounts.0
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But aparently i have read somewhere, if i change the term on two accounts, they merge them into one0
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