Additional Borrowing

Whether it’s for home improvements for that new kitchen, that dream holiday or a new car, borrowing more against their property could help your clients achieve their goals.

Additional Borrowing

If your client is looking to borrow more on their mortgage, we may be able to help. As long as they are not in arrears, they are able to apply for Additional Borrowing at any time. We inform all our customers that they must seek financial advice and that all Additional Borrowing must be intermediary led. We do not accept Execution Only applications for Additional Borrowing.

How do I submit an Additional Borrowing application?

  • You’ll need to ensure that you are registered with us through our Hodge Broker Portal.
  • You’ll need to send us a completed Decision in Principle form.
  • We’ll do an initial affordability assessment for the additional funds.
  • Once approved you’ll need to send us a completed application form, together with any product and valuation fees.
  • You can send the completed forms to contractvariations@hodge.co.uk.
  • Our Contract Variations Team will do an initial review and pass you to a dedicated underwriter, who will handle the case from start to finish.
  • Once the loan completes, you’ll receive your procuration fee.

How long does the process take?

  • Once we receive the application form and fees, it can take a few weeks to issue the mortgage offer.
  • This depends on how quickly we receive the updated valuation and if we need additional documentation to support affordability assessments.
  • Once our solicitor receives our mortgage offer it can take up to 3 months to complete and for your client to receive the additional funds.

What fees are payable by my client?

  • Depending on the product they choose, our product fees are either £0 or £250.
  • They can be paid by cheque or bank transfer when the application is submitted or can be added to the loan on completion.
  • Here’s a link to our product page.
  • We’ll need a valuation of the property and if the property value is below £1m the valuation is free, if it is over £1m a fee will apply.
  • They may also need to pay a legal fee.

Do they need a solicitor?

  • If your client is happy for us to instruct our solicitors, we’ll pay for the legal costs.
  • Our solicitor may need them to sign a new Mortgage Deed for the Additional Borrowing, and they’ll also need to be satisfied with all matters relating to the title of the property.
  • Your client can use their own solicitor, but they’ll need to instruct them and will incur the cost.
  • If the reason for the Additional Borrowing requires a change of the title at Land Registry (for example purchasing the property freehold), your client will need to instruct their own solicitor and will incur the cost.
  • If they’re moving home or adding or removing a person from the mortgage at the same time as the Additional Borrowing, they’ll need to instruct a solicitor and will incur both our and their solicitor costs.

How much can they borrow?

  • Your client can borrow in line with maximum LTV stated in their original agreement.
  • The minimum loan amount for Additional Borrowing is £5,000.

Additional Borrowing Criteria

  • We’ll assess the reason for borrowing the same way as we do for new business, so won’t approve for any high-risk activities including to support a new business start-up, gambling debt or purchase of time share.
  • You can view our new business criteria here.

How do I submit an Additional Borrowing application?

  • You’ll need to ensure that you are registered with us through our Hodge Broker Portal.
  • You’ll need to send us a completed Application Form together with any product and valuation fees.
  • You can send the completed forms to contractvariations@hodge.co.uk.
  • Our Contract Variations Team will do an initial review and pass you to a dedicated underwriter, who will handle the case from start to finish.
  • Once the loan completes, you’ll receive your procuration fee.

How long does the process take?

  • Once we receive the application form and fees, it can take a few weeks to issue the mortgage offer.
  • This depends on how quickly we receive the updated valuation and if we need additional documentation to support affordability assessments.
  • Once our solicitor receives our mortgage offer it can take up to 3 months to complete and for your client to receive the additional funds.

What fees are payable by my client?

  • Depending on the product they choose, our product fees are either £0 or £250.
  • They can be paid by cheque or bank transfer when the application is submitted or can be added to the loan on completion.
  • Here’s a link to our product page.
  • We’ll need a valuation of the property and if the property value is below £1m the valuation is free, if it is over £1m a fee will apply.
  • They may also need to pay a legal fee.

Do they need a solicitor?

  • If your client is happy for us to instruct our solicitors, we’ll pay for the legal costs.
  • Our solicitor may need them to sign a new Mortgage Deed for the Additional Borrowing, and they’ll also need to be satisfied with all matters relating to the title of the property.
  • You client can use their own solicitor, but they’ll need to instruct them and will incur the cost.
  • If the reason for the Additional Borrowing requires a change of the title at Land Registry (for example purchasing the property freehold) your client will need to instruct their own solicitor and will incur the cost.
  • If they’re moving home or adding or removing a person from the mortgage at the same time as the Additional Borrowing, they’ll need to instruct a solicitor and will incur both our and their solicitor costs.

How much can they borrow?

  • Your client can borrow in line with maximum LTV stated in their original agreement.
  • The minimum loan amount for Additional Borrowing is £5,000.

Additional Borrowing criteria

  • We’ll assess the reason for borrowing the same way as we do for new business, so won’t approve for any high risk activities including to support a new business start-up, gambling debt or Purchase of time share.
  • You can view our new business criteria here.

How do I submit an Additional Borrowing application?

  • You’ll need to ensure that you are registered with us through our Hodge Broker Portal.
  • You’ll need to send us a completed Decision in Principle form.
  • We’ll do an initial affordability assessment for the additional funds.
  • Once approved you’ll need to send us a completed application form, together with any product and valuation fees.
  • You can send the completed forms to contractvariations@hodge.co.uk.
  • Our Contract Variations Team will do an initial review and pass you to a dedicated underwriter, who will handle the case from start to finish.
  • Once the loan completes, you’ll receive your procuration fee.

How long does the process take?

  • Once we receive the application form and fees, it can take a few weeks to issue the mortgage offer.
  • This depends on how quickly we receive the updated valuation and if we need additional documentation to support affordability assessments.
  • Once our solicitor receives our mortgage offer it can take up to 3 months to complete and for your client to receive the additional funds.

What fees are payable by my client?

  • They may need to pay a fee of £250 for us to arrange the Additional Borrowing, depending on the product they choose for the Additional Borrowing.
  • This can be paid by cheque or bank transfer when you the application is submitted or can be added the loan on completion.
  • We’ll need  a valuation of the property and there may be a fee for this depending on the property purchase price/value.
  • They will also need to pay a legal fee.

Do they need a solicitor?

  • They will need to instruct a solicitor to act on their behalf and will incur the cost.
  • They must have independent legal advice from their own solicitor so that they understand the legal implications of borrowing more on a retirement mortgage.
  • We’ll instruct a solicitor to act on our behalf. We will pay for this unless your client is also moving home or transferring equity at the same time as their Additional Borrowing application.
  • If your client is moving home or adding or removing a person from the mortgage at the same time as the Additional Borrowing, they’ll incur both our and their solicitor costs.

How much can they borrow?

  • Your client can borrow in line with maximum LTV stated in their original agreement.
  • The minimum loan amount for Additional Borrowing is £5,000.

Additional Borrowing criteria

  • We’ll assess the reason for borrowing the same way as we do for new business, so won’t approve for any high risk activities including to support a new business start-up, gambling debt or Purchase of time share.
  • You can view our new business criteria here.

How do I submit an Additional Borrowing application?

  • You’ll need to ensure that you are registered with us through our Hodge Broker Portal.
  • You’ll need to send us a completed Application Form together with any product and valuation fees.
  • You can send the completed forms to contractvariations@hodge.co.uk.
  • Our Contract Variations Team will do an initial review and pass you to a dedicated underwriter, who will handle the case from start to finish.
  • Once the loan completes, you’ll receive your procuration fee.

How long does the process take?

  • Once we receive the application form and fees, it can take a few weeks to issue the mortgage offer.
  • This depends on how quickly we receive the updated valuation.
  • Once our solicitor receives our mortgage offer it can take up to 3 months to complete and for your client to receive the additional funds.

What fees are payable by my client?

  • They may need to pay a fee of £250 for us to arrange the Additional Borrowing, depending on the product they choose for the Additional Borrowing.
  • We also have fee free products. This can be paid by cheque or bank transfer when you the application is submitted or can be added the loan on completion.
  • We’ll need  a valuation of the property and there may be  a fee for this depending on the property purchase price/value.
  • They will also need to pay a legal fee.

Do they need a solicitor?

  • They will need to instruct a solicitor to act on their behalf and will incur the cost.
  • They must have independent legal advice from their own solicitor so that they understand the legal implications of borrowing more on an equity release mortgage.
  • We’ll instruct a solicitor to act on our behalf. We will pay for this unless your client is also moving home or transferring equity at the same time as their Additional Borrowing application.
  • Our solicitors need to be satisfied with all matters relating to the title of the property.
  • If you client is moving home or adding or removing a person from the mortgage at the same time as the Additional Borrowing, they’ll incur both our and their solicitor costs.

How much can they borrow?

  • Your client can borrow in line with maximum LTV stated in their original agreement.
  • The minimum loan amount for Additional Borrowing is £5,000.

Additional Borrowing criteria

  • We’ll assess the reason for borrowing the same way as we do for new business, so won’t approve for any high risk activities including to support a new business start-up, gambling debt or Purchase of time share.
  • You can view our new business criteria here.