Saffron mortgage adviser talking to a customer about their options. Saffron mortgage adviser talking to a customer about their options.

Borrowing more

If you want to improve your home and need some extra money to make this happen, we're here to help

Borrowing more on your mortgage

If you're looking to borrow more on your existing mortgage give us a call to see how we could help you.

Information about borrowing more on your mortgage

Are there any rules about what I spend the further borrowing on?

There are no specific rules for how you spend your further borrowing, for example you may choose to spend this on making home improvements, buying a car or another important purchase. Please give us a call on 0800 072 1100 to discuss your needs. We do suggest that you think carefully before securing other debts against your home as your home may be repossessed if you do not keep up repayments on your mortgage.

How much can I borrow and what interest rate will I be charged?

We offer a range of mortgage products with differing loan to values. To find out more please give us a call on 0800 072 1100.

Are there any fees?

Fees will apply, depending on your circumstances and the mortgage deal you are applying for. For example, there may be an arrangement fee for the mortgage. Existing mortgage customers pay a lower arrangement fee than new customers. Other fees apply as standard for all mortgages. For full guidance on the fees that will apply for you please call us on 0800 072 1100 and ask us for a personalised illustration.

What are the risks I should be aware of?

This type of loan is secured against your home and this means if you don't keep up repayments there is a risk your home could be repossessed.

Am I entitled to borrow more?

Who can borrow more?

Please call us on 0800 072 1100 to find out if you will be able to borrow more in addition to your existing Saffron mortgage.

What is my loan to value?

Loan To Value (LTV) is a ratio between the size of the loan you would like against the value or sale price of the property you wish to re-mortgage or purchase. Generally the lower your LTV, the lower your interest rate is likely to be.

When applying for additional borrowing you need to consider your outstanding balance on your existing mortgage as well as the amount you are looking to borrow in addition. It is the total of these two that will be used to decide your loan to value for any further borrowing.

The value of your property may have changed over time and we may need to update the valuation in some circumstances.

If the loan exceeds a certain percentage of your property value you may need to pay a higher lending charge.

What is equity?

Equity is the difference between the current value of your property and the amount you owe on your mortgage.

Is there a minimum amount I can borrow?

The minimum amount of an additional borrowing loan that we will consider is £10,000.

Applying to borrow more

How do I apply?

Give us a call on 0800 072 1100 and we can take you through the next steps to apply for further borrowing.

Your home may be repossessed if you do not keep up repayments on your mortgage

Talk to us today

To arrange an appointment with one of our Mortgage Advisers call us free on:0800 072 1100