Additional borrowing on your mortgage

Can I borrow additional money on my mortgage?

• Perhaps you’re dealing with an unexpected financial challenge – like major home repairs or needing to buy a new car.
• Maybe you’ve got a major milestone on the horizon – like a wedding.
• Or it could be you’re ready to dream big – like extending your home.

That’s where additional borrowing could help. It means borrowing more on your Skipton mortgage to get the funds you need, when you need them.

If you’ve had a mortgage with us for at least six months, you may be able to borrow up to 95% of your home’s value (or 75% if you’re a Buy to Let customer).

It’s important to consider if other forms of borrowing may be more suitable for you. Any money we lend through our additional borrowing will be secured against your property, and your overall mortgage balance will increase.

How does additional borrowing on my mortgage work?

Step one – plan what you’ll need

Before you start, it’s good to have a clear idea of how much you want to borrow. For example, if you want to fund home improvements, you should consider getting a quote for the work.

Step two – understand what borrowing more means

Additional borrowing increases your overall mortgage debt. This means your monthly mortgage repayment goes up and you’ll pay more interest overall. Depending on your situation, it could mean extending your overall mortgage term, so you’re paying it off for longer.

And remember – your mortgage is secured against your home. You need to keep up repayments or you could lose your home.

Step three – get in touch

Our consultants are ready when you are. They’ll talk through your goals and options. First, you’ll need to complete a Decision in Principle (DIP) to check you’re eligible.

A DIP looks at how affordable your new monthly payments would be, and reviews how you’ve run your mortgage so far.

Many customers chat to us about additional borrowing when their mortgage fixed-term is ending. But you don’t need to wait. If you’re eligible, you can apply for additional borrowing at any time.

Our team are here to discuss your options and answer any questions. And as always, we’ll never pressure you into making any decision.

Call 0345 266 0962.

Step four – agree an approach that works for you

We’ll never pressure you into making any decision. If you meet the criteria and decide to borrow more, we’ll set everything up.

Once everything’s agreed, we’ll send the funds straight to your chosen bank account – so you can start using it for your plans.

What is Skipton’s additional borrowing eligibility criteria?

You'll need to:

• have had a mortgage with us for at least six months – with no missed payments
• borrow at least £10,000
• borrow no more than 95% of the value of your property (75% if you’re a Buy to Let customer)
• meet our normal lending criteria.

Does Skipton offer green additional borrowing?

If you want to make your home more energy efficient, our Green Additional Borrowing options could be a great fit – and they come with no product fees.

You can use them for improvements like:

• solar panels
• insulating your home
• new windows and doors
• ground or air source heat pumps
• biomass boilers.

You can borrow between £10,000 and £50,000, depending on your circumstances. You’ll need to spend at least 50% of what you borrow on energy efficient home improvements. Please provide quotes for the full work when you apply.

Talk to us about green additional borrowing. Call us on 0345 607 9825.

Our members get more – get your free home EPC Plus Report

If you’re keen to learn how you can make your home more energy-efficient, our exclusive member offer could help you. You can get a free EPC Plus Report from Vibrant.

Offer available if your property is ten years or older. Connells Limited, part of the Skipton Group, owns Vibrant. The Financial Conduct Authority doesn’t regulate EPC Plus. Terms apply.

Curious? Explore our real-life retrofitting journey in The Big Retrofit.

More information