If you already have your mortgage with us or are considering moving your mortgage to us, you may be able to borrow additional money on top of your current mortgage.
Borrowing more for home improvements can help increase the value of your home or energy saving improvements, such as double-glazing or a new boiler could save you money as well as add value. Any additional funds will be secured against your home, so you should fully consider this before applying for additional borrowing.
What can you borrow?
You may want additional borrowing to fund home improvements or to raise money to buy another property.
Home improvements is the most common reason for borrowing extra money. With a home improvement advance, you can attempt to increase the value of your property by redeveloping existing rooms such as upgrading your kitchen or bathroom. You may be looking at making your home more suitable to your changing needs by extending and adding extra living space which may be a cheaper alternative to selling and moving to a new home.
Either way, you can borrow up to 95% loan to value from us to complete home improvements. Where the improvements exceed £20,000 or involve structural alterations we will however limit this to 75% loan to value at each stage of the works.
You will need to provide us with estimations for the work needed to be completed to support your application and re-inspections may be required at different stages.
Capital raising is a form of additional borrowing that will allow you to borrow more to fund an investment.
We will lend you up to 75% loan to value to fund the purchase of another property. Where you are looking to capital raise to buy a partner out of your existing mortgage we will consider up to 90% loan to value.