Looking to make home improvements?

Borrowing more

Borrowing more money against your home can be a practical way to access funds for important financial goals. Whether you are planning home improvements, making a significant purchase or consolidating debts, it’s a big decision. That’s why we’re committed to providing straightforward advice to help you make the right decisions based on your long-term goals and financial circumstances.

You could borrow up to 90% of your home’s value, or 80% if you have an Interest Only mortgage. The maximum amount that you can borrow will depend on the purpose of the loan.

You’re eligible to apply for additional borrowing if:

• You’ve had your existing mortgage for a minimum of 6 months.
• Your monthly payments are up to date.
• The additional borrowing amount you’re looking to borrow is at least £10,000.00.

Unfortunately, we would not be able to accept applications for the following reasons:

• Capital raising for business purposes.
• Paying a tax bill.
• For personal investment purposes (not property related).
• Paying gambling debts.

It is important to be aware of the risks that securing unsecured debts against your home can bring, these will be covered in full during your appointment with an advisor. These risks include:

• Converting unsecured debts to secured debts increases the risk of losing your home if you cannot make the payments.
• Consolidating debts may reduce your outgoings now, however you may pay more interest over a longer mortgage term.
• Interest rates could go up after your initial mortgage rate finishes, meaning the benefit you are getting by paying off loans and credit cards with a higher interest rate is reduced.
• Some lenders may charge a fee for settling your debts early and there may be fees to set up your new mortgage.
• Borrowing more on your mortgage to pay off debts will increase your current Loan to Value (LTV) meaning you would own a lower percentage of your home and this could mean the mortgage rates you qualify for are higher both now and in the future.

If you’d like to borrow more money against your home, we’ll keep things simple.

We will tell you what we think your property is worth using a house price index tool or we would carry out a physical valuation to obtain this and we’ll take care of the legal work for you.

There’s a £175.00 administration fee and a £20.00 CHAPS fee, but you won’t need to pay these upfront as they will be deducted from your loan amount.

When you’re ready, we’re here to help you get started.