Borrowing more money

Since our nationalisation, we have been closed to new mortgage business and are unable to offer further loans to existing borrowers except in exceptional circumstances. (We occasionally offer further lending to fund essential structural repairs on properties mortgaged with us, or to meet the cost of vital alterations not covered by buildings insurance.)

As we are unable to provide you with a further loan, you will need to move your mortgage to another lender. Other lenders may allow you to borrow a greater amount, or could offer you the opportunity to take a further loan once your remortgage has completed. You may also find that you are able to find a better mortgage deal and could save money on your monthly payments.

Moving your mortgage to another lender

We recommend that you speak to a mortgage broker or independent financial adviser to find a mortgage that meets your needs.

If you don’t have one, we can introduce you to mortgageforce™ who through its panel of brokers and approved product providers may be able to help.

These brokers can give you impartial, expert whole of market mortgage advice.

The brokers are waiving their usual advice fees for customers that we refer directly. To be put in touch with a broker, please contact us.

If you would prefer to find your own broker, you can visit the independent Unbiased website. Please be aware that many brokers charge an advice fee for their services.

Alternatively you may want to try our unique Dealfinder tool. This enables you to enter your specific criteria and search the whole market to find a better deal.

No Early Repayment Charges

Depending on your specific mortgage, you may be liable to pay us an Early Repayment Charge (ERC) if you move your mortgage to another lender. To make this process easier for you, we are currently waiving all ERCs until further notice, so you won't have to pay this fee at present, even if it would usually have applied.

Your home or property may be repossessed if you do not keep up repayments on your mortgage.