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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 03456064488 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; remortgaging your home is a different option to enable you to borrow more money against your home - although many homeowners make the decision to remortgage in order to take advantage of a better mortgage deal.

It's important to make an informed decision about remortgaging your home versus borrowing more on your mortgage, so before you proceed further, you may find it useful to speak to one of our qualified mortgage advisers. Call us on 0345 606 4488.

 

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