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.
• 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.

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.

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