Can you borrow more money from your mortgage lender?
If you have a mortgage in place, you might be eligible to borrow more money from your existing lender. This is called a “further advance”.
The most common reasons for taking a further advance are:
- To raise a deposit for a second property e.g. a holiday home or Buy to Let
- To borrow funds for home improvements
- To consolidate your debt into a single monthly payment
- To release cash to pay for a wedding, university fees or other big life events
- To make energy saving improvements to your property
- Building Society Announces 0% additional borrowing product
Nationwide has now cut the interest rate on its green additional borrowing product to zero per cent.
The loan, available from 1 June 2023, will allow households with a Nationwide mortgage to borrow between £5,000 and £15,000 at up to 90% loan to value across two, or five-year terms.
All of the loan must be used to fund non-structural, energy-efficient home improvements, such as solar panels, air source heat pumps, window upgrades, boiler upgrades, cavity wall insulation, loft insulation or an electric car charging point.
While Nationwide has offered competitive rates on borrowing for green home improvements before, this is the first time it has made interest-free loans available.
A number of other mortgage lenders, including Barclays, Saffron building society and Skipton building society, offer various incentives and cashback to borrowers carrying out ‘green’ home upgrades or retrofitting energy efficient measures. But no providers are yet offering 0% loans in the same way as Nationwide.
How can we help?
If you are thinking about borrowing to make improvements to your home or need to free up cash for another purpose, we recommend you speak to our award winning mortgage brokers. We will be able to present you with the best product for your circumstances and potentially provide you with other options like remortgaging.
Get in contact with us today on 0208 364 3444 or follow this link to book an appointment: https://mortgagesandinsurers.co.uk/get-a-quote/
Households expect to be £233 worse off each month this year
The overall level of wealth for UK households fell 15 per cent in the last 12 months to a 10-year low and average households expect to be £233 worse off per month this year, according to new research.
Almost a third of adults have used their savings to cope with rising prices and a collective £53.3bn has been withdrawn from rainy day funds in the last year. One in 12 adults have also borrowed money from family members in the last year.
The Health, Wealth and Happiness Index, compiled by the Centre for Economics and Business Research (Cebr) for LifeSearch, fell 11 per cent in a year, to the lowest level seen since the pandemic.
London’s ‘super-prime’ property market back to pre-Brexit levels
More than 160 properties worth £10m or more were sold in London in the financial year just finished – the most since 2016 when Brexit spooked the global super-rich from investing in the UK’s “super-prime” market.
A total of 161 such sales – or three a week – were made in the capital in the year to March, according to analysis of Land Registry data by the estate agent Knight Frank and the data provider LonRes.
However analyst are expecting super-prime sales to drop by at least 10% over the next 12 months as the global super-rich and their advisers worry about the prospects of Labour winning the next general election