Your mortgage is probably the most cost effective form of borrowing available to you. So if you need to borrow another sizeable sum of money, it makes sense to look at extending your mortgage. This is especially true if you want to make improvements to your home, but you may also wish to make another substantial purchase such as a new car or a holiday.

In general, most of our mortgage customers can take advantage of additional borrowing on their mortgage. There are some conditions, of course:

  • your account must have been well conducted - that is, you have not been in arrears and your payments have been made on time
  • the total amount of money borrowed must not be more than the maximum loan to value ratio allowed for your particular mortgage
  • your income must be sufficient to cover the increase in monthly payments

Usually, if approved, the additional funds can be made available to you in just a few days. The cost of the additional borrowing can be spread over the remaining term of the mortgage.

The rate for home improvements is lower than that for other purposes, so it is particularly worth considering a further advance for this purpose.

Download the current Additional borrowing rate guide for residential mortgages (PDF document). You can also call us on 0845 122 0033* or email mail@krbs.com.

Think carefully before securing other debts against your home. Your home may be repossessed if you do not keep up repayments on your mortgage.

* For customer service and training purposes, calls to Kent Reliance may be monitored and/or recorded.