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.
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
Things to know when borrowing more
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.
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.
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.
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.
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.
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.
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.