Additional Borrowing

As an existing borrower increasing your mortgage is a straightforward way to help finance your future plans.

You may want to make improvements to your home, for example: to update your kitchen or bathroom, build an extra room, give the garden a makeover, or buy new furniture. Or you may want to borrow money for other purposes such as to buy a new car, take a special holiday, pay for your child’s school or university fees, or simply to pay off other loans you have accumulated.

Borrowing the money by increasing your mortgage can provide the funds you need.

Existing borrowers of The Cambridge

As your mortgage is with us already, we can organise an additional loan up to £50,000 without the need to involve a solicitor. For amounts of £50,000 and over, a solicitor will need to be instructed by you. We can agree the term of the extra loan to suit your needs and circumstances and when the money has been paid to you, we adjust your existing monthly payment to take account of the increased loan balance.

Depending on the mortgage deal, you may be able to borrow up to 90% of your property’s value, including your existing mortgage. For example, if your home is worth £150,000 and your existing loan balance is £99,000 (66%) you could borrow a further £36,000.

If we need to check the current valuation of your property, we will pass your details to Sesame Bankhall Valuation Services (SBVS) who will instruct the valuer. SBVS will contact you directly to arrange a suitable time for the valuation to take place. You will need to pay the property valuation fee for mortgage purposes, see our Mortgage Tariff of Charges page for more details. The fee is collected by SBVS, is payable at the time of application and is non-refundable.

Existing borrowers with other lenders

If your mortgage is currently with another lender, you will need to move the loan to us and we can arrange the additional loan at the same time. This is known as ‘remortgaging’.

Depending on the mortgage deal, you may be able to borrow up to 90% of your property’s value. For example, if your home is worth £150,000 and your existing loan balance to be transferred to us is £99,000 (66%) you could borrow a further £36,000.

We do not charge to arrange a valuation of your property or for standard legal fees. However, your existing lender may charge a fee to discharge your existing loan.

Before agreeing your new loan, we will need to be satisfied that you can afford the payments. Your Personal Adviser will ask you to bring confirmation of your existing income and other outgoings.

THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.