Further advance on mortgage advice

[HermioneKipper]

We moved into our new house in December and are thinking of getting a further advance on our mortgage to extend our dining room into the garage and update the kitchen.

Unfortunately HSBC aren’t currently doing any new loans or having appointments with mortgage advisors.

Has anyone done one recently? How does it work? Is it on the same rate/loan terms as your mortgage? Did you have to do a full application?

Our LTV is currently 65% and we’d like to borrow about £25,000.

Thanks!

When I borrowed more for building work with santander it was actually an extra additional loan. I had expected to remortgage in full.

I did need a while back (so it may be out of date) but it was a separate loan same PP at a different rate and term to the original

Ah thanks both. That’s interesting.

So say our mortgage is at 3% over 25 years is it likely to be at a higher rate for a shorter term?

Was hoping monthly payments would be quite low rather than a standard loan repayments price 🤔

The money would be a separate loan and rate and term to your existing mortgage so current mortgage would stay as is, new loan could be whichever rate is currently available for your ltv today and you can do any term that’s affordable. You can apply online or on the phone for hsbc Mortgage’s at the moment

Thanks junglerum will try and get an appointment on the phone to discuss then. The website had a message saying no new loans the other day so I assumed they wouldn’t Be taking calls