If you have sufficient equity in your home then it could be possible to borrow extra money in order to fund a project. Perhaps you would like to modernise or redecorate your home? Maybe you’d like to transform your home with an extension or loft conversion? Or are you looking to fund a business venture or invest in buy to let? There are many different reasons why people decide to look into the option of additional borrowing.
Can I Borrow More Money on my Mortgage?
This is a question we are frequently asked here at Police Mortgages and the answer is, it depends on your individual circumstances. If you have had a repayment mortgage for many years, purchased your home with a large deposit or your house has significantly gone up in value, it is likely that you will have a good chunk of equity in your property. It may be possible to release some of this money in order to fund a project which would otherwise be unaffordable.
How Police Mortgages Can Help
• From a short financial assessment, one of our qualified mortgage advisers can find out whether it may be possible for you to borrow more money on your mortgage.
• Police Mortgages have access to thousands of mortgage deals and will research whether your current lender offers you the best deal or whether remortgaging could save you money.
• We will talk you through your options including the detailed costs of borrowing more so you can decide if this is something you would like to do.
• If you do decide to go ahead with a product transfer or remortgage, Police Mortgages will take care of things from start to finish, ensuring that all runs smoothly.
Speak to an Expert Mortgage Adviser
There are some pitfalls to avoid when looking for additional lending. For example, when borrowing more, your lender will need to reassess your financial circumstances. If your income and or outgoings have changed, this will affect your application. You must also consider whether this type of funding is right for your purpose as opposed to financing through an alternative source such as a bank loan or credit card.
To find out if you could borrow more on your mortgage, how much you could borrow and whether this could the right option for you, speak to one of Police Mortgages’ professional mortgage advisers in one of our branches or over the telephone. Or visit our online contact page where you can leave an enquiry for one of our advisers to answer for you.