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Borrowing more on your mortgage – 5 things to consider

Remortgaging your property to borrow more money can be a way of financing large payments, such as home improvements. This is called additional mortgage borrowing.

Borrowing more money from your mortgage lender is one of the more common ways people will raise money on their property.

Additional mortgage borrowing can be used to access funds quickly when you need them. Borrowing money on your mortgage will increase the amount you owe your lender, so it’s important to make sure you can afford the difference in monthly repayments. Before applying for any further borrowing, it’s worth considering whether there are any alternative options.

What is additional borrowing?

Additional mortgage borrowing is borrowing more money from your lender, with the amount you owe added to your current mortgage.

People borrow money on their mortgage when they need to access funds quickly, such as for debt consolidation or home improvements. You will owe more money against your mortgage, however.

Here are five things to think about when considering additional mortgage borrowing to help you make this big financial decision.

Can I borrow more on my mortgage?

The success of your application for additional borrowing on your mortgage will depend on the outcome of your lender’s affordability check. An affordability check is an assessment of your financial situation and whether you are likely to be able to repay the money you have borrowed.

Some of the areas a lender will look at before deciding whether to approve your application include:

Of course, that isn’t all that a lender will look into. You should only apply for additional mortgage borrowing if you are certain you can afford to do so.

Why borrow more on your mortgage?

There are many reasons that people remortgage with additional borrowing. You may need to access extra funds quickly, such as in an emergency, or just need a little help with some larger purchases.

Below are some of the more common reasons for additional mortgage borrowing.

Home improvements

You might need to borrow money to finance home improvements and repairs, such as replacing a broken boiler or building a new conservatory.

New car

Purchasing a new car can be costly and might be one of the reasons you want to access more funds.

Debt consolidation

Getting on top of your debt is an important step towards financial stability. Some customers borrow against their mortgage to quickly clear a credit card or consolidate other debts they might have.

Legal fees

You might need access to additional funds to cover the costs of legal fees, such as when writing a will.

Second property purchase

Another common reason for additional mortgage borrowing is to finance the purchase of another property, often to rent out to tenants.

Do I need to switch lenders?

The best course of action is usually to remortgage with your current lender. They’ll have a record of you meeting previous mortgage payments which could positively influence any decision to let you borrow additional funds. However, your current lender may not offer the most competitive interest rate so it is always worth shopping around.

If you are switching lenders, your new provider will not only need proof that you can afford your repayments, they’ll also want to be sure of your reasons for borrowing. They want to be certain that they’re going to get their money back. Borrowing money for home improvements that will increase the value of your home would be a worthwhile investment on their behalf.

Should I borrow more on my mortgage for debt consolidation?

Applying for more money to consolidate and clear your current debts can be a good way of spreading the costs of what you owe. However, you may end up paying back more over time. You might want to consider other types of loans, such as a debt consolidation loan, mainly because additional mortgage borrowing is secured against your home. You risk losing your property if you cannot keep up with payments.

Alternatives to additional borrowing

If additional borrowing isn’t for you, there are alternative ways to access money quickly.

Interest-free credit card

For borrowing smaller amounts, an interest-free credit card could give you fast access to funds provided you meet eligibility criteria. Without the added expense of paying interest on what you borrow for the introductory period, you can plan a purchase and repay it in full before the interest-free term expires.

Most credit cards are only interest free for a limited period, so check the terms and conditions very carefully and avoid paying unnecessary extras on fees.

Personal loan

Borrowing more on your mortgage means taking longer to pay back the full balance – including interest. On the other hand, applying for a personal loan is an overall cheaper solution because you won’t be paying it back on a long-term basis unlike your mortgage.

Taking out a personal loan might give you faster access to money, but interest rates vary considerably between lenders. It’s always worth shopping around if you decide to go down this route.


Borrowing additional money on your mortgage can give you access to extra funds when you need them. However, you should be certain that you can successfully meet the increase in your monthly mortgage payments before making an application.

Find out more about mortgages and borrowing additional money with Norton Finance’s Know How money guide.


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