Borrowing More On Your Mortgage
Information about borrowing more on your mortgage
Are there any rules about what I spend the further borrowing on?
What interest rate will I be charged?
What are the risks I should be aware of?
Am I entitled to borrow more?
Is there a minimum amount I can borrow?
Applying to borrow more
If you are not sure what a particular word or term means then take a look at our mortgage glossary.
Your home may be repossessed if you do not keep up repayments 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?
We offer a range of mortgage products with differing loan to values. You can view these by your deposit value. You can also use our borrowing calculator as a guide for how much a borrower might lend you. To find out more please give us a call on 0800 072 1100.
What interest rate will I be charged?
View our product range or find interest rates by your loan to value.
If you're looking for peace of mind that the interest rate you pay won't change, a fixed rate mortgage may be the best deal for you.
A tracker rate mortgage will track against the bank of England base rate and will change as this rate goes up or down.
A discount mortgage is a reduced rate against our Standard Variable Rate. It is a variable rate mortgage and therefore payments will go up and down.
Our range of available mortgages may vary from the above and is subject to change. We may also have from time to time mortgage promotions or cashback offers available.
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 - mortgage services fees and mortgage valuation fees. 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.
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 £5,000.
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 borrwing.
