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Additional borrowing

(22 Posts)
vicki2010 Tue 08-Nov-16 15:17:17

Anyone on here able to tell me how long it's likely to take to receive money from additional borrowing on our current mortgage from first phone call to receipt of funds?

vicki2010 Wed 09-Nov-16 22:34:43

Guess no one on here has EVER borrowed more on their mortgage then!? confusedhow silly of me to even dream of asking as it must mean we need help or something

Ellisandra Wed 09-Nov-16 23:09:14

Well aren't you the charmer confused
The Money matters board is quite a slow one.
Although maybe people didn't reply because you didn't say please?
Why the attitude?

SnowBallsAreHere Wed 09-Nov-16 23:11:15

I think for me it took about a week. Was surprisingly fast.

Meadows76 Wed 09-Nov-16 23:13:49

Maybe no one answered because it's 'how long is a piece of string'

I can't imagine it was anything to do with you being downright rude because that wasn't apparent in your OP. Still, it's good you have let people know not to waste their time on you now....

AyeAmarok Wed 09-Nov-16 23:14:19


What's with the 'tude?

Costacoffeeplease Wed 09-Nov-16 23:20:30


user1471950254 Thu 10-Nov-16 01:34:07

Depends on the lender. What timescales did they give?

milkysmum Thu 10-Nov-16 02:24:46

Oh come on guys give the op a break. I imagine she for whatever reason felt judged/ rejected that nobody replied to her post. Op I am not sure of the answer sorry- I am about to contact my mortgage company this week to look at extra borrowing. I imagine it varies a lot from
Company to company but I had I my head a couple of weeks but this was a complete a guess!

vicki2010 Thu 10-Nov-16 06:41:16

Ha ha yay I got replies!! Just thought I would be funny because it was such a boring subject and no one answered!! Usually when someone has a money issue, if they dare mention the word debt they get a lot of 'oh no don't borrow more just save up!' Answers....yes because life's just as simple as that isn't it when you earn £200k a year dear!

Thanks for replying!! See, I am polite!!!

Ellisandra Thu 10-Nov-16 07:13:13

More attitude.

You didn't even say anything about money issues - I'd have been just as likely to assume you were on £200K "dear" but planning to excavate and create a basement in your Kensington town house.

The reason you didn't get any replies was because it had been barely more than 24 hours on one of the slower boards hmm

Your second post didn't seem funny at all. Either I haven't caught the tone of that right, or... you are doing the old age trick of trying to cover for rudeness by pretending it was a joke.

Practical advice though: you're better off call a broker for an idea, because it really is a piece of string question.

vicki2010 Thu 10-Nov-16 19:41:55

Ellisandra: thanks very much for replying. I feel so much happier now you've corrected the error of my ways.

As for trying to cover up my 'rudeness' by trying to be funny, not true. I was being serious, the last time I posted asking for advice about debts, I was inundated with replies asking how come I could get into debt and why don't I just save up for things we need doing. Everytime I've ever posted on mumsnet I have only ever had replies telling me off like a naughty little girl and had little reassurance or advice so I was just having a bit of lighthearted fun in my second post and I'm sorry if you feel like I have an attitude, perhaps I do? Perhaps people need to stop taking things so seriously and use the site for a bit more fun and banter? Perhaps I'll just stick to real life.....

vicki2010 Thu 10-Nov-16 19:43:07

Milkysmum....thanks for being a little more human in your reply!!

slightlypeevedwombat Thu 10-Nov-16 19:48:31

Why didn't / don't you ask your lender instead of random strangers

3 days
2 weeks
5 months

Take your.pick

ginandcake Thu 10-Nov-16 19:51:27

We made a phone call end of September and got the money this week. Had to have an initial telephone assessment then a meeting in person. Then becuase we disagreed on the value of our property they had to get an independent valuation. Could have been quicker without that and without having to fit meetings around work and childcare. I also presume that every broker is different.

AyeAmarok Thu 10-Nov-16 19:51:33

Vicki, if you don't like the site, and don't like the advice you have been given before, why do you still post?

There are other websites.

atticusclaw2 Thu 10-Nov-16 19:54:32

It will entirely depend on your circumstances and the amount you want to borrow. Lenders are very cautious atm. I called about extending the term on our mortgage yesterday. Our LTV is only 20 percent so we are not high risk. The bank said they wouldn't even consider it unless at least one of us earned six figures and that it would require us coming in for a full consultation appointments for which were booking in approximately 4 weeks time.

vicki2010 Thu 10-Nov-16 20:02:53

Thank you atticusclaw and ginandcake for sharing your experiences smile that's all i was after.

vicki2010 Thu 10-Nov-16 20:05:19

Atticusclaw- that sounds a bit off, was there a problem with your credit rating that affected your application?

For those who have suggested I call them myself, I already have. It all seemed very positive and they have agreed it won't be a problem I was just wondering about other people's experiences really as I know there is no definite answer asking 'complete strangers!'

atticusclaw2 Thu 10-Nov-16 20:14:38

Nope, no problems. in fact you'd think we are the ideal mortgage applicants both earn high salaries, LTV only 20 percent, good credit rating and well on track to paying off the mortgage. It's just that things take a longer time nowadays and the lending criteria are different to when we last mortgaged 10 years or so ago.

There is often a fairly long delay on the house valuation. You'll have to pay a mortgage application fee, lending fee and the valuation fee

atticusclaw2 Thu 10-Nov-16 20:17:40

The six figure income is the current HSBC requirement for anyone wanting an interest only mortgage.

ginandcake Thu 10-Nov-16 21:24:37

Our lenders were cautious, there was no problem with our incomings (both on reasonable salaries), the main issue was the loan to value, hence the importance of the valuation. Oh and we didn't have to pay any fees.

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