Further borrowing

There are lots of reasons you may want to borrow more on your mortgage, from improvements to large purchases. It allows you to borrow a lump sum of money, which will be secured against your property.

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Help you understand the costs involved with purchasing your home
Prepare your application so lenders are more likely to consider you
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Take care of all the paperwork, leaving you to focus on your move
We communicate to always keep you in the picture

Answering your frequently asked questions

With so many options to consider, it can seem very confusing. So, to help you out we've answered some of your most common questions. For more specific advice about the options available for your circumstances, why not get in-touch with one of our friendly advisors.

What is further borrowing?

Further borrowing means you'll be borrowing more money from either your existing or a new mortgage lender which will be secured against your property. There are many reasons you may want to borrow more, some include funding home improvements, raising money to buy another property, divorce settlement or debt consolidation.

Can I borrow more on my mortgage?

You can apply to borrow more but you will need to demonstrate that you will be able to afford the new repayment amount that will be needed to pay off your mortgage in the agreed term. You will also need to be able to afford the new repayment if interest rates rise or there is a change in your circumstances. It also helps if you have a good credit record and haven't missed any mortgage payments.

What proof will I need to borrow more?

When you apply for additional borrowing on a mortgage, the documents your lender requests from you may vary, however as a minimum, they are likely to include:
– Proof of income (bank statements and payslips)
– A recent credit check
– Home improvement quotes or proof of any debts being consolidated
– Proof of your ID
– Your name appears on an electoral register

Why choose Oviso?

We will search the market for the best rates, sorting out all the admin and form-filling, so you can focus on your first house move.
We communicate – rather than wait for you to contact us, we’ll get in touch with you to make sure you’re happy with the cover you’re receiving, the payment plan in place and what other products you might benefit from.

Do Oviso charge a fee?

Our initial advice is completely free. However, we typically do charge a fee of £295, which is only payable on offer or completion.

YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE

Mortgage calculator

Our simple mortgage calculator can help you to calculate your LTV (loan to value) and what your likely mortgage repayments will be. Remember, you will need to allow for other costs such as stamp duty, solicitor fees and moving expenses.

Cost of property
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Enter the purchase cost of the property
£
Your deposit
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Enter the deposit amount. The minimum for a house is usually 10% of the property's value.
£
Mortgage term
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Enter the number of years you want to pay your mortgage over (between 1-35 years) If you already have a mortgage then enter the number of years you have remaining on your mortgage.
Mortgage interest rate
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Enter the mortgage interest rate.
%
Mortgage amount
£0
Monthly repayments
£0
Loan to value (LTV)
0%

There will be additional fees that you'll need to include within your house purchase budget

Examples may include: Solicitor fees, Broker fees, Conveyancing fees, Mortgage fees, Stamp duty.

If your mortgage is a fixed rate, your payments will remain the same for the deal period, but could increase at the end of the deal period.

For a more detailed summary of your house purchase costs, it's advisable to discuss the options available to you for your circumstances with a qualified mortgage advisor.

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