Residential policy
We offer additional borrowing to our existing mortgage customers who wish to release additional equity without remortgaging. If your customer is within 180 days of rate expiry or on SVR, the additional funds can be requested as part of a product transfer application. A product transfer application with additional funds can still be made outside of the 180 day product transfer window but an ERC may be applicable.
It will also be possible to vary the term and repayment type of any existing element as part of the application, subject to lending criteria.
Customers are also able to release additional equity on a separate standalone additional borrowing product when in an ERC period. This is only available to customers contacting us directly.
Our additional borrowing has the following key features:
- Products can be selected from our existing customer product range when requested as part of a product transfer
- New business maximum LTVs apply to additional borrowing transactions
- Existing mortgage must be up to date and the application must meet current lending criteria
- Affordability will be based on total mortgage borrowing
- Maximum term is 40 years but a new additional borrowing element cannot exceed the maturity date of an existing element
- Mortgage term must exceed the end date of the selected product
- No minimum loan amount