Why borrow more?

Finding the right mortgage

What's in this section?

How much can I borrow?

Use our mortgage calculator to see how much you could borrow.

Types of mortgage

A reminder on the differences between fixed and tracker rate mortgages.

Making payments on your mortgage

How your monthly payments will work.

How much can I borrow?

See our Mortgage Affordability Calculator to find out how much more we'd be willing to lend to you based on your current circumstances.
Although you’re ultimately responsible for paying back your additional mortgage, we're also obliged to check you can afford to repay the second loan and make sure you’re not over-stretching your finances.

How much you can borrow depends on your needs

You can borrow up to 80% of the value of your home to:

  • Buy separate land
  • Buy out partners/joint borrowers
  • Repay unsecured debts

You can borrow up to 85% of the value of your home to:

  • Make home improvements
  • Buy an additional share in a shared ownership scheme
  • Buy a freehold title
  • Buy land to extend security

If you're looking to pay off your Help to Buy equity loan in full, you can borrow up to 90% of the value of your home.

Please note, these aren't exhaustive lists of all your options for borrowing more.

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Types of mortgage

When you’re borrowing more, your mortgage can be a fixed rate or a tracker rate mortgage. Here's a quick reminder of the two types of mortgage we offer.


Fixed rate and tracker rate mortgages explained

Fixed or tracker rate - the difference
  Fixed rate mortgages  Tracker rate mortgages 
 At a glance Your interest rate is fixed, so your monthly mortgage payments are also fixed.    Your monthly mortgage payments will go up and down with the Bank of England base interest rate.
 Details Your interest rate stays the same for an agreed period, and you pay exactly the same per month until the end of the period. If the Bank of England base rate increases or decreases, you'll still pay the same fixed rate for the deal period.  Your interest rate is set at a certain percentage above the Bank of England base rate, and it follows the base rate if it increases or decreases. This means your monthly mortgage payments could vary.  There's a limit though to how low your interest rate will go - if the Bank of England base rate is lowered to 0.00% or less during the tracker period, you'll pay the 0.00% plus the agreed set percentage above the base rate.
 Overpayments  possible? Yes, up to your overpayment allowance with no penalty. More about overpayments Yes, up to your overpayment allowance on some, unlimited on others. More about overpayments
 Changing  your deal If you're in the last 3 months of your mortgage deal, you can switch without paying Early Repayment Charges (ERCs). Switching at other points in your deal period will incur ERCs. If you have a 'switch and fix' feature on your mortgage, you can switch to a fixed rate mortgage at any time without paying Early Repayment Charges (ERCs). For trackers without this feature, or for switching from a tracker to a tracker mortgage, ERCs may be payable.
 When your  deal ends Your rate reverts to Base Mortgage Rate or Standard Mortgage Rate depending on when the deal was secured. Your rate reverts to Base Mortgage Rate or Standard Mortgage Rate depending on when the deal was secured.
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Making payments on your mortgage

When you take out further borrowing, you're taking out a new mortgage deal. You'll need to make payments on this mortgage, as well as on your current mortgage. Each mortgage will have its own account, and the payments will be separate.

Capital repayment

The only payment type we currently offer is Capital repayment. This means part of your regular monthly payment goes into paying back the lump sum you borrowed, while the rest covers the cost of interest. As long as you keep up your monthly mortgage payments, your mortgage will be paid off in full by the end of your mortgage term. Other lenders may offer interest-only mortgages and part and part mortgages, which are a combination of interest-only and capital repayment. We no longer offer either of these payment types, and it's not possible to borrow more against these types of mortgages.

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What's next?

Next: Applying to borrow more

    Think carefully before securing other debts against your home. Your mortgage is secured on your home, which you could lose if you do not keep up your mortgage repayments.

    Applying to borrow more

    Completing your mortgage