Over time you may want to borrow more money, maybe for home improvements like a new kitchen, an extension or a garden makeover. Maybe you’ll want something else, like a new car, that special holiday, school or university fees, or to pay off other loans. Borrowing the money by increasing your mortgage can provide the funds you need and because you have a mortgage with The Cambridge, borrowing is more straightforward.
We can agree extra borrowing to suit your circumstances and, when the money has been paid to you, we’ll adjust your monthly payment.
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. A solicitor will need to be instructed if you want to borrow over £50,000.
When you appoint a solicitor it is important to be aware that The Cambridge operates a panel of approved solicitors. You can find more about our panel here. Your Mortgage Adviser will be happy to help you find a suitable panel solicitor.
Before agreeing your new loan, we will need to be satisfied that you can afford the payments. You will need to speak to your Mortgage Adviser who will ask you to confirm your existing income and outgoings.
Let us help
If you would like to discuss increasing your mortgage then please feel free to contact us. Your Mortgage Adviser will be happy to help you.
THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.