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 by using our online checker.
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.
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 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.
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.
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.
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.