Thinking about borrowing more?
Your Halifax mortgage might be the answer.
If you’ve had your Halifax mortgage for at least 6 months, you could borrow up to 85% of your home’s value to put your plans into action.
If you want to borrow more on a Halifax Buy to Let mortgage, take a look at our current Buy to Let rates.
Can I apply?
Borrowing more on your mortgage could be right for you if:
- Your monthly payments are up to date.
- You’ve had a mortgage with us for at least 6 months.
- You’re thinking of borrowing at least £10,000. If you need to borrow less, there are other borrowing options available.
You could borrow up to 85% of your home’s value, or 75% if you have an interest-only mortgage.
We can’t offer additional borrowing to customers who are taking a payment holiday.
You could lose your home if you don’t keep up your mortgage repayments
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Things to know when borrowing more
If I borrow more, what could I use the money for?
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?
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 85% 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.
Am I eligible to borrow more?
Find out if you’re eligible to apply to borrow more and see some deals by using our mortgage calculator.
If I borrow more, what could I use the money for?
Any extra money you borrow is yours to spend how you like. A new kitchen or bathroom could increase the value of your home. If you're looking to save on your monthly payments or the total cost of borrowing you could combine your debts into one monthly payment. You could even make your dream holiday a reality.
No matter what you choose to do, you should think about your other options before you borrow any extra money against your home. It will increase your total mortgage debt and your home could be at risk if you fall behind on your payments. If you are looking to combine your existing debts, we can help you to decide if adding them onto your mortgage is the best move for you.
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.
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.
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.
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.
Can I protect my mortgage?
You can protect your mortgage with our Life and Body Cover. This type of insurance can give you the peace of mind of knowing that you and your loved ones will be able to keep your home, even if something happens to you. It could help to pay off your mortgage in the event of your death, or if you become too ill to work.
We have a range of options available to Halifax mortgage customers. Our Mortgage and Protection Advisers are on hand to discuss your needs and can help you to find the right level of cover for your needs.
You can find out more about protecting your mortgage, the cover we offer and how to get a personalised quote by visiting our Mortgage Protection page.
How to apply
- Look at some deals and find out if you’re eligible to apply. Our mortgage calculator lets you see deals available to you and lets you know if you are eligible to apply.
- Start your application by speaking to one of our mortgage advisers or continuing online. Our mortgage advisers will confirm how much we can lend you and recommend a deal tailored to your needs. If you prefer, you can find out how much we may be able to lend you by completing an online Agreement in Principle, and if eligible continue to full online application
Before you apply
- If you're planning improvements or repairs to your property, make sure you get professional estimates first. Find out when you'll need to pay for any work, because you may not be able to get your loan before the work is complete.
- The maximum amount you can borrow in total, with your existing mortgage and additional borrowing, is 85% of your property on a repayment basis or 75% on an interest-only basis.
- 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.
- 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.
- We'll make enquiries about you at a credit reference agency as part of the application process. We'll check your employment and income details and write for any other references we may need.
Applying over the phone or in branch - explained
- When you are ready to apply, one of our mortgage advisers will be on hand to help.
- Your mortgage adviser will ask about your needs and circumstances and then recommend our most suitable loan for you.
- We’ll already have most of your personal details but we’ll need to check these are up to date.
- We’ll check whether the last valuation we did for your property is still ok for us. If not we’ll arrange to revalue your property. You’ll have to pay for the cost of the revaluation unless we agree to do so. The surveyor will call you to make an appointment to visit your property.
- You’ll be given a declaration to sign and an 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 before we agree to the transfer.
- When all this is done and you’ve signed and returned the declaration and if everything is ok, we’ll make you a formal offer. Take time to read your offer letter because it's really important.
Applying online - explained
- First you need to complete an Agreement in Principle to find out whether we will lend the amount you need. If you are eligible you can choose to apply online without the need to contact us in branch or over the phone.
- You need to be comfortable selecting your own rate and how many years you would like it over. You can select your own product and length of borrowing, and easily compare monthly payments online.
- Once you’re happy with the product and term, you will be able to view and accept your personalised illustration and a declaration online.
- You will need to provide us with supporting documentation such as payslips, which can be uploaded online. You’ll also need to provide proof of your identification. If you want to provide your identification online, you’ll need a mobile phone with a camera and be able to provide a UK driving licence or a UK passport. Alternatively you can take your documents into a branch to verify your identity.
- 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.
- Three working days after we have sent the offer, we’ll send you an email asking you to log back in to your application and request your money.
- Once requested, the money should be in your bank account within 2 working days.
- Our webchat agents will be on hand to support with any technical questions you may have.
- If at any point you feel you need advice, you can transfer to a qualified mortgage advisor.
Completing the process
- Tell us when you want us to release the money to you. If you are using a conveyancer you must tell them when you are ready to proceed.
- If you’ve applied online, we’ll send you an email asking you to log back in to your application and request your money.
- 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.
Protecting your mortgage
Check if you would still have the right level of cover to protect your mortgage in the event of your death, or if you are too ill to work. Our expert Mortgage and Protection Advisers can help you with this.