Additional borrowing | Mortgages

Why choose a secured loan?

You might want to choose a secured loan instead of transferring to a new mortgage deal if:

You aren’t ready to re-mortgage – you might be thinking about a move soon and aren’t ready to commit to a new mortgage deal.
You’re tied into an initial product rate – you may not want to trigger early repayment charges on your current mortgage.
You’re looking for flexibility – you might want to pay off your extra borrowing quicker than your mortgage, without having to pay any early repayment charges.

It’s important to think carefully about whether borrowing money against your home is the best option for you.

How it works

You can arrange a loan alongside your main mortgage on a variable rate of interest. There won’t be any changes to your current mortgage deal.

Our current residential additional borrowing loan rate is our Standard Variable Rate (SVR) plus 1%.

Our Buy To Let (BTL) additional borrowing loan rate is our Buy To Let Variable Rate (BTL VR) plus 1%.

Additional borrowing can be taken on a repayment or interest only basis. Additional policy restrictions may apply.

Charges

Payment details	Notes	Charge
Additional borrowing administration fee	There’s an administration fee to pay with this product. You can pay this when you apply or add it to the loan. If you add it to the loan, you’ll pay interest on it at the same rate as the rest of your borrowing. We’ll pay the fee back to you if the loan doesn’t complete.	£199
Funds Transfer Fee (CHAPS)	If you want, your funds can be sent to your nominated bank account (via CHAPS) and be available on the same day your loan completes. The charge for this is £30, which you need to pay before the funds are transferred.	£30

Representative example

A mortgage of £50,000 payable over 25 years on a variable rate of 5.34% for 25 years, would require 300 monthly payments of £300.95, plus one initial interest payment of £226.76.

The total amount payable would be £90,710.76 made up of the loan amount plus interest (£40,511.76) and an additional borrowing administration fee (£199).

The overall cost for comparison is 5.5% APRC representative.

Think carefully before securing other debts against your home. Don’t risk losing your home – keep up those mortgage repayments

How to apply?

Before you take any additional borrowing, we ask you to speak to one of our mortgage advisers, who will look at your current circumstances and discuss the product options with you.

Get started

To find out more please call us to discuss your options

Call us on

0345 602 8301

Opening times

We're here from 8am - 6pm Monday to Friday, 9am - 1pm Saturday.

Call charges and information

Number	Cost
03 numbers	Same as calls to 01 or 02 numbers and they are included in inclusive minutes and discount schemes in the same way.
084 numbers	Maximum of 7p per minute, plus your phone company's access charge.
087 numbers	Maximum of 13p per minute, plus your phone company's access charge.
0800 numbers	Free from UK landlines and personal mobile phones.

Borrow more without a new mortgage deal