Whether it’s for home improvements for a new kitchen, that dream holiday you’ve always wanted to take, or it’s time for a new car, additional borrowing could help you achieve your goals.
Do I have to take advice?
- Yes, you must take advice.
- We need to be sure you’re making the right choice for your circumstances.
- A financial advisor will be able to talk you through your options in detail and apply on your behalf.
What do I do next?
- You should contact your financial advisor first.
- If you don’t have a financial advisor, Unbiased.co.uk is a good place to start your search.
- Your financial advisor will discuss all the options with you to make sure the decision is right for you.
- If you decide to go ahead, your financial advisor will apply for you and will send us any fees payable
- You may have to pay to receive financial advice
- If we need to discuss any of your account information with your financial advisor before you apply we’ll need you to sign a letter of authority.
Do I need a solicitor?
- You may need a solicitor to act for you. This will depend on the date of your original mortgage offer and the purpose of the Additional Borrowing:
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- If the purpose of the Additional Borrowing requires a change of title at Land Registry (for example purchasing land or the property freehold) you’ll need to instruct your own solicitor to act for you and you’ll have to pay their fees. We’ll instruct our solicitor to act for us, you may have to pay some of our legal costs.
- If you’re moving home or adding or removing a person from the mortgage at the same time as the Additional Borrowing, you’ll need to instruct a solicitor costs.
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- Our solicitor may need you to sign a new Mortgage Deed for the Additional Borrowing, they’ll also need to be satisfied with all matters relating to the title of the property.
- For our Residential Mortgages, if your original mortgage offer was on or after 22nd June 2020, you will not need to instruct a solicitor. If your original mortgage offer was before 22nd June 2020, you’ll need a solicitor. If you’re happy for us to instruct them, we’ll pay the legal costs.
Will I have to pay fees?
- Depending on the product recommended by your financial advisor, our product fees are either £0 or £250
- You can pay this when your financial advisor submits your application or you can add this fee to your loan on completion
- This fee is fully refundable until your mortgage completes
- We’ll need a valuation of the property and if the property value is below £1m the valuation is free, if it’s over £1m there’ll be a fee.
- You may also need to pay a legal fee
- You may need to pay your financial advisor for their advice, you’ll agree this cost with your financial advisor. Not all financial advisors will charge, to find a financial advisor refer to Unbiased.co.uk
- Please see our tariff of fees and charges below.
How long does the process take?
- Once we receive the application and fees, it takes a few weeks to issue you with a mortgage offer
- It depends on how quickly we receive an updated valuation for your property. We may ask your financial advisor for documents and supporting information so we can assess your ability to repay the Additional Borrowing
- If a solicitor is needed, once our solicitor receives our mortgage offer it typically takes up to three months to complete and for you to receive the Additional Borrowing funds. Where a solicitor isn’t needed, once we receive the signed offer from you, you can choose when to receive the funds.
What happens next?
- Once we’ve verified your ability to repay the Additional Borrowing, we’ll need an up-to-date valuation report. We may need a valuer to visit the property
- If the valuation report is acceptable, we’ll issue a mortgage offer and will send this to you
- If a solicitor is needed, we’ll also send our solicitor a copy of the mortgage offer to instruct them to act. Once our solicitor is happy to proceed to completion, they’ll let us know the date you want the Additional Borrowing funds to be released to you
- If a solicitor isn’t needed, we’ll ask you to sign and return the mortgage offer to confirm that you want to proceed. Once we receive this we’ll pay the Additional Borrowing funds into your bank account that we hold on our records.
For Residential and Holiday Let mortgages
If you have a fixed rate mortgage and completed in or after December 2020, or you have a discounted rate mortgage and completed in or after September 2021, your financial advisor can submit the Additional Borrowing application through our online portal. Choose the “Online option” for the product below to find out more.
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Get in touch
If you have any other questions, please get in touch or speak with your adviser. If you don’t already have one, you can find a financial advisor using Unbiased.
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YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE
For more information please email us at [email protected] or call us on 0800 028 3746.