If you’re considering borrowing additional funds as part of your remortgage, whether for home improvements, consolidating debts, or other financial goals, now is an excellent time to assess your options. At Equinox, we specialise in helping homeowners secure the extra borrowing they need, while making sure it’s affordable and in line with their overall financial plans.
Reasons for Additional Borrowing
Many people look to borrow more when remortgaging to achieve goals like:
- Home Improvements: Adding value to your home through renovations or expansions.
- Debt Consolidation: Simplifying finances by consolidating high-interest debts.
- Other Personal Goals: Funding education, a new vehicle, or other major purchases.
No matter the reason, we’re here to help ensure your mortgage solution aligns with your future.
How Much Extra Can You Borrow?
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The amount you can borrow will depend on your home’s current value, your outstanding mortgage balance, and your affordability assessment. With our whole-of-market access, we can review lenders offering additional borrowing up to a certain loan-to-value (LTV) limit and find the most competitive deals that fit your needs. Some lenders may even offer higher income multiples or consider factors like bonuses and other income sources, allowing you to maximise your potential borrowing.
Factors That Influence Your Borrowing Power
When lenders assess your ability to borrow more, they consider:
- Income and Expenses: Including regular income, overtime, and bonuses.
- Outstanding Debts: Current loan or credit card balances that could affect affordability.
- Credit Score: A strong credit score can increase your borrowing options.
- Property Value: The more equity you have in your home, the more you may be able to borrow.
At Equinox, we’ll assess your circumstances and work with you to find lenders most receptive to your unique financial profile.
The Importance of Affordability and Future Planning
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We always emphasise affordability when increasing borrowing. Through careful budgeting, we’ll help you determine what’s manageable each month without straining your finances. Our advisers will also discuss future plans, such as potential income changes or lifestyle adjustments, to ensure the extra borrowing remains within reach.
Options for Borrowing More with Equinox
As a whole of market Josh has access to a wide range of lenders who offer products specifically for additional borrowing during remortgage. Some options to consider include:
- Top-Up on Your Mortgage: Increasing the principal amount of your existing mortgage with your current lender or a new one.
- Further Advances: Certain lenders may offer a further advance if you’d like to stay with your current mortgage product but need extra funds.
- Second Charge Mortgages: If your current deal is especially favourable, a second charge mortgage can be an alternative route for additional borrowing. We cannot advise on Second Charge Mortgages.
Start Planning for Extra Borrowing Today
Ready to explore your options? Josh will work closely with you to find a borrowing solution that’s tailored to your goals and financial wellbeing. Get in touch today, and let’s find the extra funding you need while keeping your long-term financial health in focus.
