There could be many reasons why you may want to borrow more on your mortgage, whether it's for home improvements or a larger purchase. Further borrowing could allow you to access a lump sum of money, secured against your property.
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.
Further borrowing means borrowing additional money from either your existing or a new mortgage lender, secured against your property.
There are many reasons why you might consider this option, including: Funding home improvements, raising money to help purchase another property, a divorce settlement or debt consolidation.
It may be possible to apply to borrow more, however you would need to demonstrate that you could afford the new repayment amount required to pay off your mortgage within the agreed term. You would also need to show that repayments could still be manageable if interest rates were to rise, or if your circumstances were to change.
Having a good credit record and a history of consistent mortgage payments could also help support your application.
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
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.
Our initial advice is completely free. However, we typically do charge a fee of £295, which is only payable on offer or completion.
Our mortgage calculator gives you a quick estimate of your monthly repayments and loan-to-value (LTV), helping you understand what you could afford. Don’t forget to factor in additional costs like stamp duty, legal fees and moving expenses.
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.
To find out more about mortgages, personal insurance, business insurance and protection or to discuss the options available for your circumstances, contact our team of advisors
