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Switch deals and borrow more, at the same time
Thinking about borrowing more on your mortgage and switching to a new deal? We’ve made it a little easier.
You can apply if:
- you've had a Halifax mortgage for at least 6 months
- your mortgage payments are up to date
- you're asking to borrow at least £5,000.
Want to borrow less than £5,000? Our other borrowing options may suit you better.
What’s the best way for me to apply?
Before you decide how to apply, we need to find out which type of mortgage you have and how long is left if you're in a current deal.
Not sure how long is left on your current deal?
You can find the end date of your current deal on your latest mortgage statement as well as in HelloHome on our mobile banking app or in online banking.
Not registered? Register for online banking now
You could lose your home if you don’t keep up your mortgage repayments
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- 1. Jump to Can I borrow more and switch to a new deal at the same time?
- 2. Jump to If I borrow more and switch deals at the same time, when will my new deal start?
- 3. Jump to What if I don’t want to switch deals and borrow more at the same time?
- 4. Jump to Can I apply to borrow more?
- 5. Jump to How much could I borrow?
- 6. Jump to If I borrow more, what could I use the money for?
- 7. Jump to What mortgage deals do you have?
- 8. Jump to How long can I take to repay the extra borrowing?
- 9. Jump to What are the risks?
- 10. Jump to How do I find the Loan to Value (LTV) of my property?
- 11. Jump to Will I be charged any fees?
- 12. Jump to Can I make other changes to my existing mortgage at the same time as borrowing more and switching deal?
- 13. Jump to Can I protect my mortgage?
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1.
Can I borrow more and switch to a new deal at the same time?
If you’re in the final 3 months of your current deal, or you’re already on a Halifax standard variable rate mortgage, you can compare your options for borrowing more and switching deals at the same time.
If you have between 3 and 4 months remaining on your current deal, you can secure a new rate for your existing mortgage now, but you won’t be able to borrow more online at the same time. If you’d like some help, you can call us to discuss your options.
If you have more than 4 months remaining on your current deal, you will probably need to pay an Early Repayment Charge to switch to a new deal now. If you start to apply online, we’ll just show your extra borrowing options. You can call us if you’d like to discuss switching deals.
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2.
If I borrow more and switch deals at the same time, when will my new deal start?
If we approve your application, you can choose to receive your extra borrowing at a time that suits you. We’ll switch the rate on your existing mortgage when you ask us to send your money.
Your following monthly payments will change with your new interest rate on both your existing mortgage and your extra borrowing.
If your current deal is coming to an end before you have requested your money, your mortgage will move onto our Homeowner Variable Rate. We’ll write to you to explain how this could affect your monthly payments.
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3.
What if I don’t want to switch deals and borrow more at the same time?
If you’re able to switch your mortgage to new deal and borrow more, we’ll show you all the options you could choose to continue with.
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4.
Can I apply to borrow more?
You can find out if you can borrow more online. We’ll ask a few simple questions and show you the deals you could take. Don’t worry, it won’t affect your credit score, even if you can’t borrow more.
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5.
How much could I borrow?
The minimum amount of extra borrowing you can request is £5,000. If you want to borrow less than this, another borrowing option might suit you better.
The most you can borrow depends on your individual circumstances, such as your current mortgage balance and the market value of your home.
Get started online and we’ll tell you if we can lend you the amount you need.
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6.
If I borrow more, what could I use the money for?
There are a number of reasons you can borrow more, such as for a new kitchen or bathroom, which could increase the value of your home. You could combine your existing debts, such as credit cards or loans, into 1 monthly payment to save money on interest charges. You could even make your dream home a reality.
You should think carefully 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 thinking about combining your existing debts, we can help you to decide if adding them to your mortgage is the best move for you.
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7.
What mortgage deals do you have?
Our current mortgage deals are based on your individual circumstances, such as how much you want to borrow, your current mortgage balance and the market value of your home.
Get started online and we'll show you all the deals that you can apply for. Choose the option you think suits you best, answer a few simple questions and we’ll give you an answer in around 15 minutes.
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8.
How long can I take to repay the extra borrowing?
It can be the same as your current mortgage term, or you can choose to change it.
With a repayment mortgage, if you choose a longer term your monthly repayments will be lower but you’ll pay more in interest charges. If you choose a shorter term, you’ll save money in interest payments but your monthly payment amount will be higher.
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9.
What are the risks?
Further borrowing is secured against your home, so it's important to remember that your home could be repossessed if you don't keep up with your repayments.
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10.
How do I find the Loan to Value (LTV) of my property?
If you ask to borrow more on your mortgage, we'll tell you your LTV when you apply. It’s based on your overall mortgage balance, including any extra borrowing, and how much we think your property is worth.
You can also find your current LTV by visiting HelloHome from mobile or online banking.
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11.
Will I be charged any fees?
There's no arrangement fee to set up further borrowing or to switch to a new deal, but you may need to pay a product fee for some mortgages.
You can add a product fee to your new borrowing amount, but it’s important to consider that you'll need to pay interest charges on the fees.
Get started online and we'll show you all the deals that you could apply for and the full details of any fees that will apply.
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12.
Can I make other changes to my existing mortgage at the same time as borrowing more and switching deal?
If you're thinking of switching to a new deal and borrowing more, but also want to change your term or repayment type, call us to discuss your options. A mortgage and potection adviser will help you through this change.
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13.
Can I protect my mortgage?
Our Life and Body Cover is a great way to protect your mortgage. This type of insurance can give you the peace of mind of knowing that your home is secure 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.
Halifax mortgage customers have a range of protection options. 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 circumstances.
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.
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