Additional Lending

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Different types of additional lending

When it comes to additional lending on your property, it will be either a remortgage or a further advance. The difference between the two is that a remortgage is when you are with one lender and are moving to another lender. If this is the case, visit our remortgage page.

Further advances are when you are with a lender and you may be tied into a fixed rate and you simply borrow more money on that mortgage on a separate rate, which creates sub-accounts on your mortgage.

The purpose of borrowing money

There could be plenty of reasons you may want to borrow money and here are some of the key reasons clients release equity from their property:

Debt Consolidation.
Home Improvements.
Deposit for a new purchase.
Car/holiday.
Purchasing an additional share. (Shared Ownership)
Gift for a relative.
Purchasing freehold or extending a lease.

When borrowing additional funds, this will be subject to affordability checks set by the lender. Feel free to drop us a message so we can discuss further.

Your home may be repossessed if you do not keep up repayments on your mortgage. Think carefully before securing other debts against your home. Your home may be repossessed if you do not keep up repayments on your mortgage.

Contact us today.

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