From my limited knowledge, you should not be using hammerite on the underside of the car if you intend keeping it for any significant time. Hammerite is too brittle and inflexible. Better to use a zinc based primer and follow that with a bitumen based paint.
There are plenty of proprietary paints available. Just read the blurb on the can. If it is by a reputable manufacturer, it should live up to what it says there.
hi mark, i wax oil first, then if ya want underbodyseal, flexibility is the key, if it hardens (such as paint) any damage/chips leaves a water trap and rust!! this does not happen with wax oil as stays flexible/tacky, the under body seal does flake after a while so re application is required every 12 mths or so hpe this helps goochie