Borrowing more money

Since 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.

No Early Repayment Charges (ERCs)

If you need to move your mortgage to another lender to borrow more money, we will currently waive any ERC (until further notice) if this would have applied to you. Please contact us for more details or check the Terms and Conditions of your mortgage.

Finding a suitable mortgage with 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.

Other ways to search the market

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, our online Dealfinder tool can search the market for you, comparing mortgages from most lenders against basic criteria you set.

Dealfinder is a completely independent service provided by Defaqto, a leading supplier of financial information to a wide range of organisations, including the Financial Services Authority (FSA). We receive no commission from any of the mortgage providers featured as part of this independent service.

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