Want to borrow more?

Before you look at borrowing elsewhere, why not talk to us first and see if we can help.

In addition to your personal details, we’ll assess your current circumstances and ask you to confirm:

• Your personal income
• Your current rental income if you’re a landlord
• The estimated value of your property
• Your financial commitments i.e. bills and any loans, credit cards or overdrafts – including the outstanding balances and monthly payments.

It’s worth having these details to hand before you speak to us to make the process quick and easy.

When you’re ready, book a call for a time that suits you, or give us a call.

*Calls are recorded for training and monitoring purposes. Lines are open 9am – 5pm Monday to Friday. We’re closed on Bank Holidays. 03 calls cost no more than calls to geographic numbers (01 or 02). Calls from landlines and mobiles are included in free call packages.

Got an idea of the amount you want to borrow? Use our calculator to see how much your monthly payment could be.

It’s important that any Buy to Let loan is affordable for you. It should make sense so it doesn’t put you under any unnecessary financial pressure.

Affordability

Investment properties are normally considered as self funding i.e. where the rent received will cover your monthly mortgage payment.

The rent must be paid in £GBP and part of our assessment will be based on the rental income you charge your tenants. We’ll make sure the rent is deemed enough to cover your existing loan and the additional amount you want to borrow.

The loan could be cut back if the rent isn’t enough to cover the full amount of borrowing. However, we may be able to take your personal income into account if your meet certain criteria.

Changes in the market

During the term of your mortgage, the rent you’re able to charge can be affected by changes in the financial markets. If the rent you charge fall less than your monthly mortgage payment or you have a gap between tenancies, you’ll still have to pay the full mortgage payment and any additional costs from letting your property.

• How much extra can I borrow?
  You can borrow between £5,000 and £500,000 extra, as long as you meet our lending policy.
  
• How long can I borrow the money for?
  You can borrow the money for any term up to 35 years, as long as you meet our lending policy. The minimum term for the extra borrowing is 2 years. Your term doesn’t have to be the same length as your main mortgage.
  
• Will I have to get my property revalued?

  You won’t normally have to pay for a revaluation if:

  • We valued your property within the last ten years
  • The amount you want to borrow is £20,000 or less, and
  • Your property is 75% loan to value or less. We’ll use a House Price Index (HPI) to work this out. The HPI is a free service and takes the recent property sales where you live into account to calculate how much your property is worth.

  You’ll need to pay for a revaluation if your request to borrow more doesn’t meet the above policy or you feel your property is worth more than the HPI estimate. See our Tariff of mortgage charges for the cost of a revaluation.
  

• Will I be credit scored when I apply to borrow more?
  Yes, we’ll need to credit score all parties named on the mortgage.
  
• Are there any restrictions on what I can borrow the money for?

  Whilst you can borrow more for a variety of reasons including home improvements, paying for university fees or buying a new investment property, we do have some restrictions depending on the type of mortgage you have. For example:

  • You can borrow up to 90% Loan to Value (LTV) if you’re a homeowner with us. This is restricted to 75% LTV if you’re using the extra to pay off personal debt, such as credit cards or loans
  • Landlords can borrow a maximum of 75% LTV
  • You’re unable to borrow extra for business reasons or speculative lending, such as buying stocks and shares.