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Borrowing More on Your Mortgage

If you already have a mortgage with us and you want to free up some money to cover the costs of home improvements, or maybe to make a large purchase such as a holiday or a new car, you could be eligible to apply for additional borrowing on your current mortgage deal. This is called a 'further advance', and it's a way of borrowing against the value of your home.

How do I apply for a further advance mortgage loan?

The easiest way to check if you qualify for a further advance on your mortgage with Newcastle Building Society is to call us directly on 0345 606 4488 and speak with one of our qualified mortgage advisers. They will need to ask you a few simple questions to determine whether you are eligible to borrow more. For example, they will need to know:

  • How much would you like to borrow against your home?
  • What are you using the funds for?
  • How long would you like to repay the loan for?
  • What is the estimated value of your property?

If, after speaking with one of our advisers, we confirm that you do qualify for borrowing more on your mortgage, one of our advisers will then send you a simple application form to complete and return.

How much can I borrow against my home?

The amount of additional borrowing will depend largely on the current valuation that we hold for your property. We will use the property valuation along with your outstanding mortgage balance to calculate how much you might be able to borrow against your home.

If you feel that the property valuation amount has changed or is different from what you expected, you can discuss your options with our mortgage advisers.

What if I'd like to remortgage my home?

A further advance is not the same as a remortgage, although remortgaging your home is another option to enable you to borrow more money against your home. Homeowners also make the decision to remortgage in order to take advantage of a better mortgage deal.

For an idea of how much you may be able to take out for your new mortgage, take a look at our mortgage affordability calculator, although this is just a rough guide and you'll need to speak to one of our advisers to get a firm figure.

It's important to make an informed decision about remortgaging your home, so before you go ahead with borrowing more on your mortgage, you may find it useful to take a look at our guidance on things to consider when remortgaging, or browse our remortgaging FAQs for answers to some of the most common queries.

If you have any further questions, whether about a further advance on your mortgage or remortgaging, give our mortgage advisers a call or book an appointment at your local branch to talk through your options.

Call us now to find out more or to arrange an appointment

Talk to our mortgage advisers

0345 606 4488

8am - 8pm Monday to Friday 9am - 3pm Saturday (Calls to 0345 numbers, cost the same as a call to a standard ‘01’ or ‘02’ landline number, even when calling from a mobile.)

Your mortgage will be secured on your home. Your home may be repossessed if you do not keep up repayments on your mortgage.