Thinking about borrowing more?
Your Lloyds mortgage might be the answer.
If you’ve had your Lloyds mortgage for at least 6 months, you could borrow up to 85% of your home’s value to put your plans into action.
If you want to borrow more on a Lloyds Buy to Let mortgage, take a look at our current Buy to Let rates.
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.
As a Club Lloyds current account customer you could take advantage of an exclusive 0.20% discount on your initial mortgage rate, when you borrow more on your mortgage.
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
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How much could I borrow?
The minimum amount of additional borrowing you can request is £10,000. If you want to borrow less than this, one of our other borrowing options 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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Am I eligible to borrow more?
You can find out if you can borrow more online. We’ll ask a few simple questions and if you’re eligible, we'll show you all your available deals. Don’t worry, it won’t affect your credit score, even if you can’t borrow more.
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3.
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 one 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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4.
How long can I take to repay my additional borrowing?
It can be the same as your current mortgage term, or you can choose a different one.
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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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 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 are available to you. Choose the one 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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How do I find my loan to value percentage?
If you ask to borrow more on your mortgage, we'll tell you your loan to value (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 Home Wise from Mobile or Internet Banking.
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8.
Will I be charged any fees?
There's currently no arrangement fee to set up your additional 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 additional 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 are available to you and the full details of any fees that will apply.
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9.
Can I change my deal or mortgage terms?
If you’re in the final three months of your existing fixed rate, or you’re already on one of our standard variable rates, you can compare your options for borrowing more and switching deals at the same time.
If you have between three and six months remaining on your existing fixed rate, 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 speak to one of our Mortgage and Protection Advisers to discuss your options.
If you have more than six months remaining on your existing fixed rate, 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 get in touch if you’d like to discuss switching deals.
If you also want to change your term or repayment type, please contact us to discuss your options with one of our Mortgage and Protection Advisers.
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10.
How can I protect my mortgage?
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 Lloyds Bank 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.
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Important legal information
Lloyds Bank plc. Registered office: 25 Gresham Street, London EC2V 7HN. Registered in England and Wales No. 2065. Lloyds Bank plc is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority under registration number 119278.
Calls may be monitored or recorded to help us improve our quality of service.