If your clients want to borrow more against their Residential or Buy to Let mortgage, we're here to help you, help them.
The amount that can be borrowed will depend on the client’s circumstances. We’ll lend up to 85% of the property value, but this could be reduced if part of the mortgage is held on interest-only, or if the applicant owns (or is buying) a second property.
No, new borrowing can be over a shorter term, and it must be at least 6 months shorter than the existing mortgage term.
If we do agree to any additional borrowing, it won’t be based on the product and interest rates that we offer at new business stage.
Any additional borrowing will be based on our available range of Additional Borrowing Rates. Information on these can be found below.
These interest rates can change over time and may be higher than your client's existing rate on their current residential mortgage, so it’s important that you and your client review our rates prior to submitting an application.
Please be aware that some of our rates may come with a product fee, although we do have a fee-free offering as well.
We offer two Green Additional Borrowing options for existing mortgage customers, which will help your clients carry out any energy saving improvements to their property.
As original ethical bank, this borrowing option offers your client(s) a sustainable borrowing option which allows them to effectively reduce their impact on the planet, save money on their bills in the long-term, as well support them in trying to improve their property’s EPC rating.
As part the eligibility for our Green Additional Borrowing product:
We won’t offer additional borrowing for debt consolidation, business purposes or for investment or speculative purposes, but we will consider additional borrowing for any other purpose.
Additionally, if a mortgage is held on a shared ownership or shared equity scheme, or if the mortgage has a guarantor, then we are not able to offer additional borrowing.
Please advise your client that they can call us on 01752 236550 (Call charges) to discuss alternative options.
There are a few things for your client to consider before borrowing more:
Please note, to be considered for an additional borrowing request, your client must:
Yes, the Bank will pay a procuration fee of 0.3% of the amount of the Further Advance that is approved and lent to your client.
There are borrowers who are currently maintaining monthly payments which demonstrates that their mortgage is affordable, but on assessment would fail the standard affordability assessment. To ensure the continued fair treatment of customers, the Bank applies transitional arrangements provisions under MCOB 11.7, If you feel your client would benefit from a Transitional Arrangement, they will need to contact us directly on 01752 236 550 (Call charges) so that we can understand your client’s current position and circumstances, before agreeing the best way in which to support your client.
You will only be able to request Product Transfer and Additional Loan variations separately. So once affordability for an additional Loan has been established, you will need to consider in which order to progress the variations to provide the best outcome for the customer. If it will be in the customer's best interest to complete a Product Transfer and Additional Loan simultaneously, the customer must be referred to Bank directly to progress a combined Product Transfer and Further Advance.
You will only be able to request Product Transfer, Port and ToE variations separately. You will need to consider in which order to progress the variations to provide the best outcome for the customer.
Please click on the link below to see how you can apply for a Further Advance on behalf of your client.