Yes – once you have made six consecutive monthly payments to your mortgage you can apply for additional borrowing. Additional Borrowing is available on 2 year and 5 year fixed rate products up to 90% LTV and on our Standard Variable Rate up to 95% LTV.
We’ll need to check you can afford to repay any additional amount borrowed, so we’ll carry out an additional credit check and affordability assessment to make sure you can afford any increase to your monthly payment as a result of any additional borrowing.
We may also carry out another valuation on your property, to make sure any additional borrowing does not result in the total mortgage balance going above our maximum loan to value. You’ll have to pay a valuation fee.
We may also ask you to pay a fee upfront to cover the cost of reserving any additional funds to be borrowed.