Additional Lending
Once you have a mortgage with us, we may also be able to provide you with additional lending for a wide variety of purposes. You may want extra funds to build an extension for your growing family, for a new kitchen, to buy a new car or to go on a dream holiday. Our range of additional loans allows you to use some of the value in your home to help you get the things you want.
All our additional loan products have common features:
- Borrow up to 85% of your property's value.
- Spread the monthly payments over the same length of term as your main mortgage or over a shorter period if you want.
- No Higher Lending Charge.
Current additional loans
We constantly monitor market conditions to ensure our products offer you long-term value for money. This means that our additional loan product range changes from time to time to meet customer needs and market conditions. Check our Existing Borrower Transfer & Additional Loan guide to find out more about the products that are currently available.
Other costs
If you decide to take one of our current additional loan products you may be charged a product fee, this depends on the product chosen. You should refer to the additional loan product guide for details.
We will need to carry out a revalution for which a non-refundable fee of £75 is payable by you. Please ask for more details.
Repaying your additional loan
Your additional monthly payment for your additional loan will be collected along with your main mortgage payment each month. You can choose the period over which you repay the additional loan, either spreading the monthly payments over the same length of term as your main mortgage or over a shorter period if you want.
Application eligibility
In order to apply for an additional loan, you must meet the following requirements:
- Your account must not have been in arrears in the last 12 months or your account must have been open for at least 6 months and conducted satisfactorily. If your account does not meet these requirements please contact us to discuss your options
- The loan purpose is acceptable to us – see additional loan product guide for details.
- The loan meets our lending criteria
- For home improvements:
- Structural changes: we require a copy of the plans and planning approval and estimates for the work.
- Non-structural changes: we require copies of estimates for the work.
Next Steps
Once you have selected a product, or require further information please contact our Existing Customer Team who will arrange to send you a Key Facts illustration along with an application form for you to complete and return.
