Mortgage timing question: time between mortgage applications

Hi,
Any mortgage experts one here?

We’re in the middle of doing some additional borrowing against our house; ostensibly to do some upgrades on the house.

There’s a strong possibility that we will then go straight on the market, but we will need to (again) take additional borrowing to buy the house we want.
Of course, there’s no guarantee we’d actually be able to sell/buy very quickly as this could take months and months!

In terms of affordability we’re fine.

My concern is if we borrow now then start an application very soon after to increase our borrowing again to move, will the bank tell me to frank bough?

The above is surprisingly hard to put into words!

Thanks!

All the banks are concerned about is the security they have in the asset and your ability to pay back the debt.

Several applications will be fine, as long as theres an underlying rational for them.

The only thing to consider is all of the fees/charges of setting up/cancelling these deals
It may be cheaper/less complicated to take out a personal loan for upgrades

It shouldn’t be an issue, that said when we went to borrow additional funds for our extension we had to jump through loads and loads of hoops with santander to prove it wasn’t money laundering. Formal quotes from builders and the like, which we didn’t have because part of the chicken and egg – why would you be going as far as formal quotes before you have even secured the funds. If you can’t get the funds you can’t do the work… anyway we got there.

If you’re doing upgrades will they add real value to the property if you’re going to sell shortly afterwards.  Spent a small fortune on an extension six years ago house is now on the market and I’m not going to recoup those costs, however, it’s made the house a home for the time I’ve been here so I’m not bothered.

But the days of seeing a return on some type of works may be over.

And you can also port your mortgages across to the new place if you stay with the same lender…

All the banks are concerned about is the security they have in the asset and your ability to pay back the debt

That is completely untrue.

Op is right to raise it as a concern. Its about how many credit applications you have in a period. Some lenders have very strict criteria on this type of thing, others more relaxed. You would hope it wouldnt be an issue but I wouldnt want to say either way.

I would say it depends which lender and whether you are going through an IFA? As in good IFAs have relationships with the lenders and can help applications get through the process.

We applied for a mortgage with HSBC they immediately turned us down (based on some information provided) they were not interested in having a conversation, it was a flat no. We then went through an IFA and he got the same mortgage through without any issue.