Why borrow more?

What's in this section?

Why borrow more?

Reasons why you may want or need to borrow more money against your home.

How borrowing more works

The basics on how taking out a further advance happens.

Things to consider

Explore other possibilities besides borrowing more against your home.

Costs of borrowing more

Some fees and charges that may apply when taking out another mortgage.

Why borrow more?

If you're a homeowner, you might be able to borrow more money against your home. This means taking out another mortgage alongside your existing Nationwide mortgage, and is also called a 'further advance'.

Borrowing more might make sense if you want to make improvements to your home, or build an extension, for example. Or you might want to borrow more to buy land, buy an additional share in shared ownership property or buy out partners/joint borrowers. 

This additional loan would be linked to your property, so deciding to borrow more against your home is not a decision to take lightly. If you aren't able to keep up your new repayments, your property could be repossessed. Below you'll find information on how borrowing more works, as well as what some of your other options might be.

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How borrowing more works

The application process

In order to borrow more money against your home, you'll need to get a Decision in Principle and apply for a new mortgage deal. Depending on your needs, a valuation may be needed and conveyancing services may be necessary in some cases.

Your mortgage term length

The term length of your additional borrowing can't extend beyond the term of your current mortgage, though it could be shorter. It's possible you could extend your original mortgage term to allow for a longer additional borrowing term. 

Additional monthly payments

Your new mortgage account will be different to your existing mortgage account. Therefore you'll need to make separate monthly payments against your additional borrowing, as well as the monthly payments you already make against your current mortgage. 


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Things to consider

It might be worth considering other ways to borrow money or raise funding for your needs. Below are a few possible alternatives to borrowing more against your home.

Borrow back

Does your mortgage have a borrow back option and have you been making overpayments on your mortgage? You may be able to withdraw money from your overpayment reserve. 

Find out more about borrowing back

Switch your deal

You might be able to get a lower interest rate by switching your Nationwide mortgage deal. But remember that Early Repayment Charges may be payable for some switches, so check your existing mortgage deal first.

Find out more about switching your deal

Unsecured borrowing

Borrowing money that is not secured against your home is called 'unsecured borrowing'. These options could include credit cards, personal loans or overdrafts.


Explore your options

Switching and borrowing more at the same time

If you're thinking of switching and borrowing more at the same time, it's best to speak to us in branch or call us on 0800 30 20 10. That way, we can make sure you won't pay a higher rate than you need to, or pay too much in product fees. If you do apply online, it could cost you more.

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Costs of borrowing more

When you take out additional borrowing, mortgage fees and charges may apply. Some of these might include:

Product fee

Some mortgages have a product fee, which can either be paid up front or added to the total amount you’re borrowing. If you add the product fee to the total mortgage, you’ll pay the same interest rate on it for the term of the mortgage.

Telegraphic transfer / CHAPS fee

If you request your mortgage funds to be sent via telegraphic transfer or CHAPS when your mortgage completes, you’ll need to pay a fee of £20. No fees are charged for a BACS transfer, but this could take longer.

Valuation fees

Depending on how much more you're looking to borrow on top of your current mortgage, and the extent of any work you'd like to do to your home, you may need to arrange for a more extensive valuation of your property, such as a full survey.

Conveyancing fees

In some circumstances, such as if you're buying additional shares in a shared ownership property, you may need conveyancing services in order to complete on your mortgage.

Find out more about possible fees and charges or search our mortgage rates to see individual mortgage deal features and fees.

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What's next?

Next: Finding the right mortgage

    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.

    Finding the right mortgage

    Applying to borrow more

    Completing your mortgage