Whether you're looking to borrow more on your existing mortgage for home improvements or a special purchase, we've a range of products available for you.
When applying for additional borrowing, keep in mind:
It’s easy to apply – online, in branch or by phone
You’ll need the following:
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.
If you’re eligible to apply, the first step is to get an Agreement in Principle (AIP). It will let you know how much you could borrow before speaking with a mortgage adviser.
The minimum amount of additional borrowing that we will consider is £10,000. If you want 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 will need to provide suitable documentary evidence.
We will check whether your repayment plan(s) is acceptable to us, based on our current policy. If not, we will discuss other arrangements with you which may include transferring some or all of your existing loan to a repayment mortgage.
Find out if you're eligible to apply to borrow more by using our online checker.
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 will increase your overall mortgage debt.
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 will be charged.
Additional borrowing is secured against your home, so it is 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.
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 is expressed as a percentage figure.
If you check all our current deals there will 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.
If you apply for additional borrowing, we will 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.
There is no arrangement fee to set up your additional borrowing but depending on the mortgage deal, there may be a product fee to pay. You will need to check our current deals for full details.
Any product fees can usually be added on to your additional borrowing on completion but you will be charged interest on the fees.
If you are 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 will have to contact us to discuss your needs and circumstances with a qualified mortgage adviser.
If we need to revalue your property, we will appoint a valuation surveyor and arrange for the valuation.
The surveyor will call you to make an appointment to visit your property.
When all this is done and if everything else is in order, we will write to offer you the additional borrowing.
Take time to read your offer letter because it is really important.
Tell us when you want us to release the money to you.
We will pay the money into the account where your monthly payments come from.
If you are using a conveyancer, we will send the money direct to them.
We will write to let you know when we have 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 will 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.