Additional Borrowing

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.
• An independent financial adviser will talk you through your options and help you make the right decision.
• If you don’t have a financial adviser, Unbiased.co.uk is a good place to start. your search.

Important: you may need to pay for financial advice.

What do I do next?  

If you choose to go ahead:

• Your financial adviser will submit the application on your behalf
• They’ll also send us any applicable fees
• We’ll then carry out our checks and confirm the next steps.

Will I have to pay fees?

You may need to pay some fees depending on the mortgage product recommended by your financial adviser. Here’s what to expect:

Our product fee is usually either £0 or £250, depending on the mortgage product.

You can pay this when your financial adviser submits your application, or you can add the fee to your loan on completion.

Good to know: This fee is fully refundable until your mortgage completes

Valuation fee:

• We’ll need a valuation of the property
• If the property is valued under £1m the valuation is free
• If the property is valued over £1m a fee applies.

Legal fee:

• You may need to pay a legal fees if your application involves a solicitor

Adviser 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

For a full breakdown of fees, 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 your mortgage offer
• It also depends on how quickly we receive your updated property valuation
• We may ask your financial advisor for documents and supporting information to help assess your ability to repay the Additional Borrowing

If a solicitor is needed:

• Once our solicitor receives your 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 mortgage offer from you, you can choose when to receive the funds.

What happens next?

Once your financial adviser submits your application, here’s what we’ll do 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 received, we’ll release the funds into your bank acocunt.

YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE