Cashback Remortgages · Remortgaging
Additional Borrowing on a Remortgage
Remortgaging can be a way to borrow more against your home, for example for improvements. Lenders assess affordability and the purpose of the funds.
Two routes to borrow more
You can remortgage for a higher amount with a new lender, or take a further advance from your current lender alongside your existing balance. Each is assessed on affordability and the new loan-to-value.
The two parts of a further advance may be on different rates and end dates.
Weigh the cost
More borrowing means higher payments or a longer term, secured on your home. Compare the total cost over a sensible period, and consider whether the purpose justifies extending the debt.
Sources and further reading
General mortgage information, not a personal recommendation. Lender criteria and scheme rules can change. Ask an adviser about your circumstances and a solicitor or tax adviser about legal or tax questions. Your home may be repossessed if you do not keep up repayments on your mortgage. Most buy-to-let mortgages are not regulated by the FCA.
Discuss the next step for your mortgage
Understand your options before you make a decision.