Are you eligible for additional borrowing or to move your mortgage to a new home?
You need to be
The property needs to be
The mortgage needs to be
Loan-to-Value
To apply, all applicants need to be:
- 18 or over.
- 75 or younger when your mortgage ends.
- A permanent UK citizen, or have lived in the UK for at least 3 years with an indefinite right to remain in the UK, settled or pre-settled status.
- Defaults where the total value is no more than £500, with none registered in the last 12 months or County Court Judgments (CCJs) in excess of £100 in total in the last 6 years.
- Free from having entered into an Individual Voluntary Agreement (IVA) or Scottish Trust Deed or been declared bankrupt in the last 6 years.
- Free from having been repossessed or entered into voluntary repossession.
- A customer with a permanent income and steady expenditure to keep meeting your mortgage repayments.
The property needs to be:
- Habitable, in a saleable condition, structurally sound and insurable as well.
- Of standard construction complying with our property guidelines.
- In England, Wales or Scotland. Not in the Isle of Man or Channel Islands.
- Not currently affected by progressive structural movement or contaminated land.
The mortgage needs to be:
For at least £5,000, which is the minimum loan amount for additional borrowing.
The maximum loan amount is normally £2,000,000. However, larger loan amounts may be subject to certain loan to value restrictions.
Loan to Value
LTV (Loan-to-value) shows the ratio of the mortgage amount to the value of the property, as a percentage. It can go up to 90% of the purchase price and/or value of the property, unless:
- The property is classified as a new build (one that has been built or converted within the last 24 months or that has been built longer than this but never occupied since construction/conversion). In this case, we can only offer up to 80% LTV for flats/maisonettes and up to 85% LTV for houses/bungalows.
- You are looking to borrow additional funds, for example for home improvements, in which case we can only lend up to 85% LTV.