Why borrow additional money?

With uncertainty in the market over the level of interest rates and the price of housing it is an ideal opportunity to make your mortgage work for you.

Rather than going through the stress of selling up and moving to a larger, more expensive property, why not first consider additional borrowing on your existing mortgage.

By borrowing additional money on your existing mortgage, you can give your home a face-lift with some worthwhile home improvements.

Home improvements not only change the look and feel of your home, they can also add significant value to it.

Some of the most popular home improvements that can add value to your property include extensions to provide extra rooms, followed closely by a new kitchen or bathroom.

Energy saving improvements such as double-glazing, a new boiler or central heating system could also add value to your home as well as save you money.

So what do I do next?

First things first, you should decide on the work you want done and how much you will need to complete it. You may wish to check with a local estate agent to ensure the work you are planning will add value.

From there, just give us a call. Borrowing additional money on your mortgage is usually simple, we can even complete the application process over the phone or through the post.

Any forms will already have your details populated within them, all we need you to do is sign a declaration.

You can, of course, still pop in to your local branch to discuss your options in person, often without an appointment.

If your application is straightforward then we can often get your offer out to you for signing within a couple of days with your additional money following in around 7 days.

What is involved?

There are minimal costs involved with arranging additional borrowing. Depending upon the amount you borrow we may need to conduct a revaluation of your property.

You can choose from our full mortgage product range and our mortgage sales advisers will be able to help you select the product that is right for you.

You should be aware that if you choose to borrow the money over a longer term whilst your monthly repayments will be lower you would pay more interest over time. Again, our advisers will help you decide the best option for you.

Depending upon your chosen mortgage product, you may have to pay an arrangement fee, however this is added to your mortgage meaning there are no up front costs at all.

If you would like more information on borrowing additional money on your mortgage, please click here.