Increase Your Mortgage
Looking to make some home improvements?
Raising money to buy an investment property?
Don’t have enough savings to cover your plans?
You’ve already got an existing mortgage and own your home. But there are lots of reasons why you might need to increase your mortgage and borrow more.
Maybe you’ve found a property investment too good to miss and need to raise the deposit, or you want to finally install that new kitchen or build an extension. These things add a big financial strain if it has to come out of your pocket in one go…
What can I use the extra money for?
You can apply to increase your mortgage to borrow more money for several reasons. The two most common are home renovations and raising funds to buy another property. You can also apply to cover school fees, divorce settlements, debt consolidation, new cars, and other expensive life purchases.
Home improvements are the most favourable reasons to increase your mortgage from your current mortgage provider. They’re seen as adding value to your property and are therefore, less risky.
Helping you maximise the
potential of your home
Am I eligible to increase my mortgage and borrow more?
Your current mortgage provider will look at different factors. Before accepting an application to increase your mortgage, they will review–
– Your affordability assessment – based on your income and outgoings.
– How much money you’re asking for – larger amounts will be scrutinised more.
– What the money is being used for – home improvement applications are favoured.
– Your credit rating and history – showing how reliable you are with your finances.
– The new loan to value (LTV) of your mortgage – what you owe on the house
as a percentage of the property value. When you increase your mortgage to borrow more money it increases your LTV rate, meaning a higher risk.
The best thing to do is speak to one of our team for a free consultation. We can review your circumstances and check if your current mortgage lender is likely to accept your request or whether it would be best to approach a new lender.
How long does it take?
The application process varies between lenders. Speak to our team and let us know who your current mortgage is with, how much you want to borrow, and the reasons why. Then we can assess your options, prepare everything for your application and give you the best chance of acceptance.
Do I have to pay fees to increase my mortgage?
It’s likely there will be fees to increase and amend your current mortgage. As with the application timeline, it depends on who your current mortgage lender is. Each bank and lender have their own fee structure.
If you can get a better deal from a new lender then some fees may apply as with any new mortgage.
Speak to our team and we can find this information out for you.
Is borrowing more my best option?
Sometimes, borrowing more on your mortgage is not the best financial option. You could end up paying a much higher interest rate than other routes, such as taking out a personal loan.
Book a free appointment to tell The Mortgage Way team your reasons for needing extra cash. We will review your situation and advise you if there are other financial options that would work better.
If we feel your application is unlikely to be accepted, we can discuss what your choices are.
Why choose The Mortgage Way to help increase your mortgage?
Knowing how to approach your finances and making the best decisions can feel daunting. By speaking to one The Mortgage Way team members, you will have the confidence in your next steps.
Whilst discussing your potential to increase your mortgage to borrow more, we can help you to plan ahead. We can review your remortgage deal and make sure you’re protecting yourself with life insurance and critical illness cover. Get peace of mind you’re making the right financial choices for your family. Call us on 01422 659067 to book an appointment.
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