Additional Borrowing

If you have a mortgage with us, you may be able to borrow more against your property.

Additional Borrowing

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. Find out how to borrow more at Hodge by selecting your mortgage product.

Do I have to take advice?

  • 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 let us know and they’ll need to send us a completed Decision in Principle form to assess your ability to repay the Additional Borrowing.
  • If we approve this, your financial advisor can then apply by sending us an application form, together with 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 we will need you to sign a letter of authority.

Do I need a solicitor?

  • If you’re happy for us to instruct our solicitors, we’ll pay for the legal costs and they will act for both of us.
  • 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.
  • If you want to use your own solicitor, you’ll need to instruct them and you’ll incur the cost. We will still instruct our own solicitors and we’ll pay for this.
  • If the reason for 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 and you’ll incur the cost.
  • 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. You’ll incur both ours and your solicitor costs.

Will I have to pay any 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 is over £1m a fee will apply.
  • You may also need to pay a legal fee.
  • You may need to pay your financial advisor for the cost of providing advice, this will be agreed 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.

How long does the process take?

  • Once we receive the application form and fees, it takes a few weeks to issue you with a mortgage offer.
  • This depends on how quickly we receive an updated valuation for your property and we may ask your financial advisor for documents and supporting information so we can assess your ability to repay the Additional Borrowing.
  • Once our solicitor receives our mortgage offer which instructs them to act, it typically takes up to 3 months to complete and for you to receive the Additional Borrowing 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 and to our solicitor to instruct them to act.
  • Once our solicitor is happy to proceed to completion, they will let us know the date you want the Additional Borrowing funds to be released to you.

Do I have to take advice?

  • 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 things with you to make sure the decision is right for you.
  • If you decide to go ahead, your financial advisor will let us know and they’ll need to send us a completed application form to assess your ability to repay the Additional Borrowing, together with 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 we will need you to sign a letter of authority.

Do I need a solicitor?

  • If you’re happy for us to instruct our solicitors, we’ll pay for the legal costs and they will act for both of us.
  • Our solicitor will need to be satisfied with all matters relating to the title of the property.
  • If you want to use your own solicitor, you’ll need to instruct them and you’ll incur the cost. We will still instruct our own solicitors and we’ll pay for this.
  • If the reason for 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 and you’ll incur the cost.
  • 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. You’ll incur both ours and your solicitor costs.

Will I have to pay any 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 is over £1m a fee will apply.
  • You may also need to pay a legal fee.
  • You may need to pay your financial advisor for the cost of providing advice, this will be agreed 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.

How long does the process take?

  • Once we receive the application form and fees, it takes a few weeks to issue you with a mortgage offer.
  • This depends on how quickly we receive an updated valuation for your property, and we may ask your financial advisor for information so we can assess your ability to repay the Additional Borrowing.
  • Once our solicitor receives our mortgage offer which instructs them to act, it takes up to three months to complete and for you to receive the Additional Borrowing 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 and to our solicitor 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.

Do I have to take advice?

  • 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 advisor will let us know and they’ll need to send us a completed Decision in Principle form so we can assess your ability to repay the Additional Borrowing.
  • If we approve this, your advisor can then apply by sending us your application and valuation fees.
  • You may have to pay to receive financial advice.
  • If we need to discuss any of your account information with your financial advisor we will need you to sign a letter of authority.

Do I need a solicitor?

  • You’ll need to instruct a solicitor to act on your behalf and you’ll incur the cost.
  • You need to have independent legal advice from your own solicitor, so you understand the legal implications of borrowing more on a retirement mortgage.
  • We’ll instruct a solicitor to act on our behalf. We’ll incur the cost unless you’re also completing a Transfer of Equity or Moving Home application at the same time.
  • Our solicitors need to be satisfied with all matters relating to the title of the property.
  • If you’re moving home or adding or removing a person from the mortgage at the same time as the Additional Borrowing, you’ll incur both our and your solicitor costs.

Will I have to pay any fees?

  • Depending on the product recommended by your financial advisor, our product fees are either £0 or £250.
  • You can pay this when your 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 is over £1m a fee will apply.
  • You will need to pay a legal fee. Please refer to ‘Do I need a Solicitor’ for further information.
  • You may need to pay your financial advisor for the cost of providing advice, this will be agreed with your advisor. Not all advisors will charge, to find an advisor refer to Unbiased.co.uk.
  • Please see our tariff of fees and charges.

How long does the process take?

  • Once we receive the application form and fees, it takes a few weeks to issue you with a mortgage offer.
  • This depends on how quickly we receive an updated valuation of your property and we may ask your advisor for information so we can assess your ability to repay the Additional Borrowing.
  • Once our solicitor receives our mortgage offer which instructs them to act, it takes up to three months to complete and for you to receive the Additional Borrowing 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 and to our solicitor to instruct them to act.
  • Once our solicitor is happy to proceed to completion, they will let us know the date you want the Additional Borrowing funds to be released to you.

Do I have to take advice?

  • 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 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 let us know and they’ll need to send us a completed application form together with any application and valuation fees.
  • If we need to discuss any of your account information with your financial advisor we will need you to sign a letter of authority.

Do I need a solicitor?

  • You’ll need to instruct a solicitor to act on your behalf and you’ll incur the cost.
  • You need to have independent legal advice from your own solicitor so you understand the legal implications of borrowing more on an equity release mortgage.
  • We’ll instruct a solicitor to act on our behalf. We’ll incur the cost unless you’re also completing a Transfer of Equity or Moving Home application at the same time.
  • Our solicitors need to be satisfied with all matters relating to the title of the property.
  • If you’re moving home or adding or removing a person from the mortgage at the same time as the Additional Borrowing, you’ll incur both our and your solicitor costs.

Will I have to pay any fees?

  • Depending on the product recommended by your financial advisor, our product fees are either £0 or £250.
  • You can pay this when your 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 is over £1m a fee will apply.
  • You will need to pay a legal fee. Refer to ‘Do I need a solicitor’ for further information.
  • You may need to pay your financial advisor for the cost of providing advice, this will be agreed with your financial advisor.
  • Not all financial advisors will charge, to find an financial advisor refer to Unbiased.co.uk.
  • Please see our tariff of fees and charges.

How long does the process take?

  • Once we receive the application form and fees, it takes a few weeks to issue you with a mortgage offer.
  • This depends on how quickly we receive an updated valuation of your property and we may ask your financial advisor for more information to assess your ability to repay the Additional Borrowing.
  • Once our solicitor receives our mortgage offer which instructs them to act, it takes up to three months to complete and for you to receive the Additional Borrowing funds.

How do I start the process?

  • Your financial advisor will need to send us an application form, together with any product and valuation fees if required.
  • If we need to discuss any of your account information with your financial advisor we will need you to sign a letter of authority.

What happens next?

  • We’ll need an up-to-date valuation report. We always ask a valuer to visit the property.
  • If the valuation report is acceptable, we’ll issue a mortgage offer and will send this to you and to our solicitor to instruct them to act.
  • Once our solicitor is happy to proceed to completion, they will let us know the date you want the Additional Borrowing funds to be released to you.

Important Documents

Contact us

If you have any other questions, please contact us using the details below or speak with your adviser.

Call us

0800 731 4076

Our phone lines are open Monday – Friday  9am – 5pm.