Additional Borrowing

YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.

Are you looking to borrow additional funds on your mortgage for home improvements, a new car or a special purchase?

If you already have a mortgage with us and you and your property are eligible for further borrowing then one of our advisers can help find a solution that meets your needs.

You can borrow from £5,000, often up to 90% of the value of your home. We have a range of fixed and variable rates available with no fees for application and completion. It's worth considering if other forms of borrowing are more suitable for you than additional borrowing secured on your property.

To speak to us about Additional Borrowing, call us on 0345 850 1722.

Frequently Asked Questions

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Is borrowing money on your mortgage right for you?

It could be if you meet our lending criteria and can say ‘yes’ to the following:

  • you understand that this will increase the secured borrowing on your home
  • you can afford the additional repayments
  • you want to borrow a lump sum
  • your current mortgage payments are up to date.
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How does the mortgage application process work?

You can find more information about the mortgage application process here.
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How much more can I borrow on my mortgage?

The amount you could borrow depends on your circumstances, the size of your existing mortgage and can be from £5,000 up to 90% of the value of your home.

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What can I borrow the money for?

Other than raising money for business purposes, we can lend you money for a variety of reasons, such as improving your home or buying a car.

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Is the borrowing tied into my property?

Yes – the borrowing will be secured on your property. As part of our responsible lending policy, we will only lend additional funds where you can meet our affordability requirements and there is sufficient equity in your home.

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What repayment periods are available?

Choose to repay the additional loan over any period up to the existing term on your current mortgage, depending on the repayment amount that suits your budget and circumstances.

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Can I pay off lump sums?

Yes – however, there might be an early repayment charge if you pay off more than 10% of the original balance in a year.

Once the fixed, discount or tracker period of the mortgage ends it will change to the Residential Mortgage Variable Rate (RMVR) or if you have a Buy to Let Mortgage, the Buy to Let Variable Rate (BMVR), which is a different interest rate to the Society's Residential Standard Variable Rate (RSVR), although both are set by the Society. For further details see our Skipton Variable Rates page.

YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.

*To help maintain service and quality, some telephone calls may be recorded and monitored.

Site intended for UK residents only. Skipton Building Society is a member of the Building Societies Association. Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority, under registration number 153706, for accepting deposits, advising on and arranging mortgages and providing Restricted financial advice. Principal Office, The Bailey, Skipton, North Yorkshire, BD23 1DN.

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