If your additional lending is for any home improvements you will need to provide estimates of work and planning approval. You should refer to our lending criteria before you apply. How does it work? Use our calculator Get a quick estimate of how much extra you could borrow. Takes approximately 2 minutes to complete Borrowing calculator. View deals KB.
What happens next? Read more about valuations. Speak to one of our friendly mortgage advisers about your options. Savings Mortgages Insurance Life Planning. Talk to us about your specific needs. Applications for additional borrowing are subject to the loan to value and must meet our current lending requirements, which include being resident in the UK. A personal loan could be an option if you need less. Additional borrowing is available on a capital and interest repayment basis.
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Getting started, getting the most out of savings, problems. How to invest, types of investing, buying and managing. Help with meeting goals, tax-friendly saving, saving for children. If your home has increased in value since you bought it, you could borrow a further advance from your mortgage lender.
There are reasons why this might be a good idea, but you should find out what it could mean for your repayments. You can spread your payment over a long term and your interest rate should be lower than a personal loan. Increasing your mortgage for home improvements might add value to your property but using a further advance to pay off debts is rarely a good idea.
Even though interest rates on mortgages are normally lower than rates on personal loans — and much lower than credit cards — you could end up paying more in the longer term.
Before you consider applying for a further advance, you should make sure that all of the following apply:. To find out how much you can afford to borrow use our Mortgage affordability calculator. Use our Budget Planner to see if you can afford the repayments. Remember you might be able to get a better deal elsewhere and lenders often offer the best deals to new customers, so shop around first.
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