Need to borrow more?

How to apply

1. How to apply

   • Find out if you’re eligible to apply. In less than one minute you can find out if you’re eligible to apply for additional borrowing. Just use our online checker.
   • Start your application. First you need to complete an Agreement in Principle to find out whether we will lend you the amount you need.
   • Continue with your application online or book an appointment to speak to one of our Mortgage Advisers. Once you have received an Agreement in Principle you may be able to complete your full application online. You will also have the choice to book an appointment online or over the phone if you would like to speak to one of our qualified Mortgage Advisers.

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2. 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.

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3. Applying Online – Explained

   • Once you have your Agreement in Principle, if you are eligible you can chose to apply online without the need to go into branch or contact us.
   • 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.

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4. Applying over the phone or in Branch – Explained

   • Once you have your Agreement in Principle, you can speak to one of our mortgage advisors.
   • 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.

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5. 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.

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1. How much could I borrow?

   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.

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2. Am I eligible to borrow more?

   Find out if you're eligible to apply to borrow more by using our online checker.

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3. 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.

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4. 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 will be charged.

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5. What are the risks I should be aware of?

   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.

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6. 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 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.

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7. How do I find my loan to value percentage?

   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.

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8. Will I be charged any fees?

   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.

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9. Can I change my deal or mortgage terms?

   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.

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