Additional Borrowing
As an existing borrower you can apply for Additional Borrowing to cover the cost of improvements and repairs to your property, or for any other large purchase. It's the ideal way to get the money you need because usually your existing mortgage is simply increased to include the Additional Borrowing. Payments are collected together with your normal monthly mortgage payments.
Home improvements or repairs
Any improvements or repairs to your home will qualify including:
- Extensions
- Landscaping the garden
- New kitchen or bathroom
- Double glazing
- Loft conversions
- Central heating
Any other purpose*
Can also be used for any other purpose such as a:
- New car
- Holiday home or Second home
- Wedding
- School fees
- Consolidating existing credit
*This is not available on 'Buy to Let' Mortgages
How much can I borrow?
How much you can borrow will depend on your income and the products available, but in-principle your total borrowing can be up to a maximum of:
- 95% of the current value of your home (where the loan is for home improvements and repairs)
- 85% of the current value of your home (where the loan is for any other purpose)
- 75% of the value of your 'Buy to Let' property (where the loan is for improvements and repairs)
- Loans are available to the nearest £100 subject to a minimum of £1,000
What products are available?
We offer a range of products depending on the amount and purpose of the loan. For full details of the products, and help regarding the options available to you, please give us a call on 0845 121 3200 or visit one of our Branches.
How Do I Apply?
Contact us and we will be pleased to discuss the options available and take you through the application process.
You can contact us in the following ways:
Telephone
You can call us on 0845 121 3200 between the hours of 8am-8pm Monday to Friday, and 9am-3pm Saturday.
Visit a Branch You can apply at any one of our
branches by talking to one of our Advisers.
In your home
We have a team of Mobile Mortgage Arrangers who operate in our local area and that can visit you in your own home. To arrange an appointment call 08457 252 423.
Anything else I should know?
You can choose the term of the Additional Borrowing, whether its for the remaining term of your existing mortgage, a maximum of 40 years, or a shorter period.
For customers who took their original mortgage with us before 31 October 2004 and require £25,000 or less, for purposes other than home improvements or repairs, we will need to rearrange your total mortgage under new terms and conditions. This may incur additional costs - please ask your mortgage adviser for further details.
If you have a Flexible Mortgage any Additional Borrowing will also be arranged on a flexible basis and therefore you will pay Interest Only.
Am I fully covered?
When taking out Additional Borrowing, it is important that you have adequate protection for your home, mortgage and family.
What better time to assess your current cover?
THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.