Services

Four reasons why you may want to borrow more

Over the duration of your mortgage your circumstances could change.

This means you may need to borrow additional funds on top of your current mortgage.

Below, we’ve listed four of the most common reasons why you may want to borrow more:

1. Extend your home Home improvements are a common reason for borrowing extra money. Whether to convert the empty space in a loft or simply upgrade a kitchen, renovating your home may not only be enjoyable, but it could also boost the value of your property when you come to sell.

2. Gift a loved-one a deposit Providing the parent or grandparent owns their home, equity can be released by raising a mortgage. By doing so, parents can unlock cash on their property to gift their children or grandchildren a deposit for their home purchase.

3. Buy out a joint-borrower and/or partner following a separation (transfer of equity) As your circumstances change you may find that you need to tweak an existing mortgage. Transfer of equity refers to making a change to a mortgage – either adding or removing a person – for a range of reasons such as divorce, separation and bereavement. For example, additional borrowing may help one half of a partnership buy out the other half to change the deeds into one name and continue the monthly repayments. 4. Purchase further shares of a Shared Ownership property Staircasing is a term given to buy extra shares in a property purchased through the government’s part-rent part-buy Shared Ownership scheme. To be able to do so successfully, the current lender must confirm that they are willing to lend further funds to afford additional percentages of property. The amount you can borrow will determine the size of your further share.

If you are considering borrowing additional funds, please contact us and arrange an appointment. We provide a tailored and individual service, and our qualified mortgage advisers are available for Saturday morning appointments via telephone and video call.

Andover branch 35 High Street, Andover, SP10 1LJ Call: 01264 361455 Email: andover@newbury.co.uk

Cliff Osborne, Andover Senior Branch Manager

YOUR MORTGAGE IS SECURED ON YOUR HOME. THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPLAYMENTS ON YOUR MORTGAGE.

Newbury Building Society is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority (Financial Services Register number 206077). English Law applies and we will communicate with you in English. We are participants of the Financial Ombudsman Service. We have a complaints procedure which we will provide on request. Most complaints that we cannot resolve can be referred to the Financial Ombudsman Service. 8334