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Thanks @Kurai @duncs and @aggi great advice and clarity. The current loan is £138k against £560k. We’ve only been in since July. They haven’t offered it yet, just guided me to Think 2nd mortgage.
Follow up question. I’m in the process of moving jobs to start in January. Is this a point going to negatively impact an application for
Further capital. The new job pays more.
Bonj0ur-
Just looking at the HSBC for example, they require that you've had a mortgage with them for 6 months and you are thinking of borrow at least £10k, to qualify for further borrowing. As above, same bank = further advance, different bank = 2nd charge mortgage.
https://www.hsbc.co.uk/mortgages/existing-customers/borrow-more/
Kurai
So you are mortgaged for 100k on a 400k property or 300k on 400k? Either way if the bank have offered a second mortgage, then you must have enough equity to loan against.