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Guide to additional borrowing
Use our mortgage calculator to see how much you could borrow.
A reminder on the differences between fixed and tracker rate mortgages.
How your monthly payments will work.
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.
The minimum loan is £10,000, unless for home improvements in which case it's £5,000. Please note, these aren't exhaustive lists of all your options for borrowing more.
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.
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.
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.
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.