You need to think carefully before taking additional borrowing and we aim to help with this by answering some of your key questions below.
What is additional borrowing?
Additional borrowing is a further loan on your original mortgage, which you can use to do many things. These include improvements to your home or even buying a holiday home. Why not contact us and ask about the possibilities?
The advantages of additional borrowing are:
Interest can be charged at one of our current competitive mortgage product rates.
You can borrow for many things, including home improvements, or additions.
You can set a method of repayment to suit you.
You can pay the loan over the remaining term of your mortgage, or sometimes extend the term.
Are there any fees to pay?
If you ask us to carry out the legal work, the fee is £215. If a re-valuation of the property is required you will also have to pay a further charge of £70.
We may ask you to show us estimates or costing’s for the proposed works
There may also be fees applicable to the product you select.
Start the process?
Want to know more about taking out an additional loan? Our friendly Mortgage Advisors are here to help and can give you an illustration of how much you can borrow and an idea of what your monthly payments might be.
Talk to us in branch or call 01325 741035