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Mortgages for Extensions

Best Mortgage Rates

I Want to Buy I Want to Remortgage

Mortgages for Extensions

    • 4.07% Initial
    • 5 year fixed
    • 6.7% APRC
    • Cashback Max £250
      Free Legals
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    • 4.07% Initial
    • 5 year fixed
    • 6% APRC
    • Cashback £0
      Free Legals
      Free Valuation
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    • 4.08% Initial
    • 5 year fixed
    • 6.4% APRC
    • Cashback £0
      Free Legals
      Free Valuation
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    • 4.08% Initial
    • 5 year fixed
    • 6.4% APRC
    • Cashback £0
      Free Legals
      Free Valuation
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    • 4.09% Initial
    • 5 year fixed
    • 6.7% APRC
    • Cashback £0
      Free Legals
      Free Valuation
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    • 4.11% Initial
    • 5 year fixed
    • 5.8% APRC
    • Cashback £0
      Free Legals
      Free Valuation
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    • 4.12% Initial
    • 5 year fixed
    • 5.8% APRC
    • Cashback £0
      Free Legals
      Free Valuation
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    • 4.13% Initial
    • 5 year fixed
    • 6.4% APRC
    • Cashback £0
      Free Legals
      Free Valuation
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    • 4.14% Initial
    • 5 year fixed
    • 6.3% APRC
    • Cashback £0
      Free Legals
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    • 4.14% Initial
    • 2 year fixed
    • 7.7% APRC
    • Cashback £0
      Free Legals
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Representative example based on a fixed rate mortgage

A mortgage of £375,000 payable over 20 years initially on a fixed rate for 5 years at 4.38% and then at the standard variable rate of 7.65% for the remaining 15 years would require 60 monthly payments of £2,351.88 and then 180 monthly payments of £2,899.55.

The total amount payable would be £663,156.80 which includes interest and product fees of £1,124.

The overall cost for comparison is 6.5% APRC representative.

Early repayment charges may apply.

Mortgages for Extensions

A mortgage can be an effective way to finance home improvements. If you have equity in your home, you can increase your existing mortgage on your property to fund a large home improvement project like an extension.

Your property may have increased in value since the date of purchase if you have owned it for a number of years. In your extension budget, make sure to include enough money for set-up fees and charges associated with this type of mortgage, also known as a further advance.

Your existing mortgage can often be used to fund your home extension. You will need to ask your mortgage lender for additional borrowing, also known as a further advance.

Your additional borrowing will likely be charged at a different rate even if your current mortgage is a low cost or discount rate. Typically, you'll be required to borrow at the lender's standard variable rate (SVR).

Points to consider when getting a mortgage for an extension

  • The total amount you can borrow is usually limited. When your current borrowing and additional borrowing for the extension are added together, it will amount to about 90% of the value of your home. 

  • Your mortgage lender will consider your current financial situation, including income and expenses, when deciding whether or not to offer you additional borrowing.

  • Depending on your mortgage lender's terms and conditions for additional borrowing, you may be able to repay your additional borrowing in a flexible way to suit you – for example, you could opt to pay off the additional money over a shorter term than your mortgage, or you could consolidate your additional payments and your existing mortgage into one convenient monthly payment.

  • The additional mortgage borrowing for an extension may incur additional costs, such as arrangement and administration fees.

 

To investigate your finance options call our broker team or fill in our call back form -  speak to our independent mortgage broker team who will be able to offer impartial advice or you can call us on 0117 403 3464

Mortgages for Extensions Get Quotes
Mortgages for Extensions Get Quotes