Other Uses
If you’ve got equity in your property, borrowing a little more on your current mortgage or remortgaging and borrowing extra could be an option for a number of uses.
Further Advance
A further advance is borrowing extra with your current lender, this might be the most suitable option if you are still within a fixed rate.
Remortgage with additional borrowing
This means switching your mortgage to a new provider whilst borrowing extra with the new lender at the same time. This may be the better option if your fixed rate has ended and another lender offers a better deal or your current lender wont allow you to borrow any more.
Secured Loan
There is also the option of a secured loan sometimes known as a second charge. This is another mortgage on your property. These often come with high fees and higher interest rates but can be a bit more flexible on the amount you want to borrow or your credit history. They can also be an option if you have large early repayment charges and your current lender wont allow a further advance.
As with any mortgages additional borrowing is subject to the same checks on affrordability, credit history and personal circumstances.
Some common uses for extra borrowing are:
- Weddings/Cars/Holidays
- Deposit for a buy to let property
- To gift to children
- School/Uni Fees
- Land Purchase
- Business Purposes
So how do I borrow extra on my mortgage?
A mortgage broker will assess your circumstances, your current mortgage, any charges, fees and what you are looking to borrow any additional funds for to provide you with the right options.
As we have access to the whole mortgage market we can make sure that you are getting the cheapest additional borrowing mortgage deal for your circumstances.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP YOUR MORTGAGE REPAYMENTS
Pay off some of those expensive debts today!
Debt Consolidation
Borrow enough money to pay off all your current debts from one single lender. Meaning, you only have to manage a single repayment plan, which is much easier to organise.
Home Improvements
In many cases home improvements and extensions can either avoid
a costly move or increase the
sale value of
a property.
Other Uses
If you’ve got equity in your property, borrowing a little more on your current mortgage or remortgaging & borrowing extra could be an option for a number of uses.