Need to borrow more?

Whether you're looking to borrow more on your existing mortgage for home improvements or a special purchase, we've a range of deals available for you.

Just remember when applying for additional borrowing:

  • Minimum borrowing is £10,000
  • No arrangement fee
  • You must have had a Halifax mortgage for more than 6 months
  • Your payments must be up-to-date for the three months before you apply
  • Our mortgage advisers will recommend which loan best fits your needs and circumstances and how it'll affect your monthly mortgage payments
  • Additional borrowing is subject to valuation, income, affordability and credit checks

Not available on existing Halifax Retirement Home Plan mortgages.

YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE

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Ways to apply

Start your application online and we'll contact you to talk through your application
 Continue online 


Call us on 08458 50 37 05
Mon-Fri 8am - 8pm Sat 9am - 4pm 


Come into branch - you'll need to book an appointment beforehand

When you've had your mortgage account with us for at least six months, you may ask to borrow more money against your property. We call this additional borrowing. Many customers borrow more money to make repairs or improvements to their properties. Others want to borrow more money for things like a second home or perhaps to give to their children as a deposit for their own home.

If you're planning to do improvements or repairs to your property, contact suppliers and get estimates.
Make sure you understand when you'll need to pay for any work – you may not be able to get your loan from us before the work is complete.
We may need you to appoint a conveyancer to act for you and for us, for example if you want a loan to buy out a partner.
You'll have to pay the cost of this.

Prepare for your appointment by gathering useful documents you may need on the day.
For example pay slips, recent bank statements and proof of your identity.
Allow an hour and a half for your appointment.
If you're applying with someone else, the process will be quicker if everyone can attend.
We'll already have most of your personal details but we'll need to check these are up to date.
Your mortgage adviser will ask about your needs and circumstances and then recommend our most suitable loan for you.
We'll check whether the last valuation we did for your property is still ok for us.
If not we'll arrange for your property to be revalued. You'll have to pay the cost of the revaluation unless we agree to do so.
 
If any part of your loan is to be on interest-only – including any of your existing loan – then we'll check whether your repayment plan(s) is acceptable to us, based on our current policy.
If not, we'll discuss other arrangements with you which may include transferring some or all of your existing loan to a repayment mortgage.
Sometimes we'll require you to transfer the whole of your mortgage to our latest mortgage conditions.
If we do, you'll be given a copy of the new mortgage conditions.
You'll be given a declaration to sign and a Key Facts Illustration, which sets out the terms of the mortgage product and the total cost of the loan.
Please take time to read these and make sure you're happy with them before we agree to the transfer.
When you've signed and returned the declaration, we'll make you a formal offer.

If we need to revalue your property, we'll appoint a valuation surveyor and arrange for the valuation.
If you want to borrow against the property’s value after the work has been done, we'll send the surveyor a copy of your estimates. The surveyor will call you to make an appointment to visit your property.
We'll make enquiries about you at a credit reference agency.
We'll check your employment and income details and write for any other references we may need.
We'll check the valuation report to make sure the property’s value seems to be worth enough to lend you the amount you want to borrow.
When all this is done and if everything is ok, we'll write to offer you the additional borrowing.
Take time to read your offer letter because it's really important. If we can't release part or all of your loan until the improvement work is complete, we'll tell you this in your offer letter.

Tell us when you want us to release the money to you.
Normally we can release all the money straight away. If we can't, we may ask you to send us copies of your invoices or we may ask a valuation surveyor to re-inspect your property. You'll have to pay the cost of this.
We'll pay the money into the account where your monthly payments come from.
If you're using a conveyancer, we'll send the money direct to them.
We'll write to let you know when we've released the money and what your new monthly payments will be.
Your first monthly payment may be higher than your later ones. This is because we'll collect the interest we charge on the new loan between the day we release the money and the end of the month.
We start charging you interest on the loan from the day we release it, so we suggest you don't ask for the money until you need it.

FAQs

How much could I borrow?
Am I eligible to borrow more?
What can I spend the additional borrowing on?
How long can I take to repay my additional borrowing?
What are the risks I should be aware of?
What mortgage deals are available?
How do I know what my loan to value percentage is?
Will I be charged any fees?
Can I switch to a new deal or make changes to my existing mortgage at the same time?


How much could I borrow?

The minimum amount of additional borrowing that we'll consider is £10,000. If you're wanting to borrow less than this then you might want to look at other borrowing options.

The maximum amount you can borrow in total, with your existing mortgage and additional borrowing, is 80% of the value of your property on a repayment basis or 75% on an interest-only basis. If any part of your loan is to be on interest-only – including any of your existing loan - you must have a repayment plan in place and you'll need to provide suitable documentary evidence. We'll check whether your repayment plan(s) is acceptable to us, based on our current policy. If not, we'll discuss other arrangements with you which may include transferring some or all of your existing loan to a repayment mortgage.

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Am I eligible to borrow more?

You must have had a Halifax mortgage for more than 6 months to be able to apply for additional borrowing. Also, your payments must be up-to-date for the three months before you apply.

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What can I spend the additional borrowing on?

You can use any additional borrowing for a whole range of purposes, such as making home improvements or another important purchase. Although do think carefully before securing additional borrowing against your home as it'll increase your overall mortgage debt.

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How long can I take to repay my additional borrowing?

Our mortgage advisers will ask you about your needs and circumstances and then recommend the most suitable term for your additional borrowing. It can be the same as your mortgage term or different. On a repayment mortgage the longer you take to repay, the lower your monthly repayments will be but the more interest you’ll be charged.

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What are the risks I should be aware of?

Additional borrowing is secured against your home, so it's important that you keep up your repayments. If you don't keep up your repayments there is the risk that your home could be repossessed.

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What mortgage deals are available?

Our current mortgage deals are based on how much you want to borrow and your overall mortgage balance, including your existing mortgage and any additional borrowing, in relation to how much your property is worth. This is known as your loan to value (LTV) and it's expressed as a percentage figure. If you check all our current deals there'll only be certain deals which fit your additional borrowing amount and your loan to value band. When you apply for additional borrowing, our mortgage advisers will ask you about your needs and circumstances and then recommend our most suitable loan.

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How do I know what my loan to value percentage is?

If you apply for additional borrowing, we'll tell you what your loan to value percentage is. This is based on your overall mortgage balance, including your existing mortgage and any additional borrowing, and your property value as determined by us.

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Will I be charged any fees?

There's no arrangement fee to set up your additional borrowing but depending on the mortgage deal, there may be a product fee to pay. You'll need to check our current deals for full details. Any product fees can be added on to your additional borrowing on completion but you'll be charged interest on the fees.

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Can I switch to a new deal or make changes to my existing mortgage at the same time?

If you're looking to switch to a new deal at the same time as borrowing more, or you want to make a change to the term or repayment type of your existing mortgage, you'll have to contact us to discuss your needs and circumstances with a qualified mortgage adviser.

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YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE

Our current deals

These are all our current fixed rate deals available today. There'll only be certain deals which fit your additional borrowing amount and your loan to value band. When you apply for additional borrowing, our mortgage advisers will ask you about your needs and circumstances and then recommend our most suitable loan.

 


 

Additional borrowing between £10,000 and £50,000

Term Initial rate Halifax Homeowner Variable rate thereafter For the remainder of the term from The overall cost for comparison is Product fee Loan to value(LTV)Early Repayment Charges until Loan amount
2 years 5.89% Currently 3.99% 31/01/2017 4.5% APR  £0 0-60% 31/01/2017 £10k - £50k
2 years 5.89% Currently 3.99% 31/01/2017 4.5% APR  £0 60-75% 31/01/2017 £10k - £50k
2 years 5.89% Currently 3.99% 31/01/2017 4.5% APR  £0 75-80% 31/01/2017 £10k - £50k

YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE


Additional borrowing between £50,000 and £2 million

Term Initial rate Halifax Homeowner Variable rate thereafter For the remainder of the term from The overall cost for comparison is Product fee Loan to value(LTV)Early Repayment Charges until Loan amount
2 years 3.98% Currently 3.99% 31/01/2017 4.1% APR  £0 0-60% 31/01/2017 £50k - £2m
2 years 3.98% Currently 3.99% 31/01/2017 4.1% APR  £0 60-75% 31/01/2017 £50k - £2m
2 years 3.98% Currently 3.99% 31/01/2017 4.1% APR  £0 75-80% 31/01/2017 £50k - £2m

YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE


Additional borrowing on Buy to Let mortgages

Term Initial rate Rate thereafter For the remainder of the term from The overall cost for comparison is Product fee Loan to value(LTV)Early Repayment Charges until Loan amount
4 years 6.59% A tracker rate (currently 4.84%) that tracks at +4.34% above the Bank of England Bank Rate 31/01/2019 5.9% APR £0 0-75% 31/01/2019 £10k - £1m

YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE

 


 

Our rates are only guaranteed for applications made today. We reserve the right to change our product range at any time. The actual rate available will depend upon your circumstances.

If you’ve any interest-only borrowing and you’re looking for additional borrowing, you must have a repayment plan in place and you'll need to provide suitable documentary evidence.

This information doesn't contain all of the details you need to choose a mortgage. You'll need our advice on whether additional borrowing is suitable for you.


How to apply

1. Start your application

You can start your application online, over the phone or in branch.

You'll need the following:

  • Employment and income details for the last 18 months
  • Your mortgage account number - you can find this on your latest mortgage statement or you can sign in to Online Banking to view your mortgage details. If you're not registered for Online Banking yet, it's easy and only takes about 5 minutes. Find out how to register.
  • Bank account details
  • Address details for the last 3 years
  • Any outstanding financial commitments.

Start your application online
You'll need all your details to hand and about 30 minutes to complete the form.

Call us on 08458 50 37 05
Open Mon-Fri 8am-8pm and Sat 9am-4pm (closed on Sundays and Bank Holidays).

Come into branch
Book an appointment online beforehand - we'll call you back to confirm a day and time.

 2. Complete your application

If you started your application online, you'll be asked to provide a contact number so that a mortgage adviser can contact you at your preferred time.

For all additional borrowing applications, your mortgage adviser will ask you about your preferences and discuss your needs and circumstances before deciding which loan to recommend to you. They'll provide you with a full quote of how much you can borrow and how it'll affect your overall monthly payments. They'll discuss the next steps in the application process and answer any queries you may have. 

 


 

YOUR HOME MAY BE REPOSSESSED IF YOU DON NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE

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