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Switch deals and borrow more, at the same time
Thinking about borrowing more on your mortgage and switching to a new deal? We’ve made it a little easier.
You can apply if:
- you’ve had a Lloyds Bank mortgage for at least six months
- your mortgage payments are up to date
- you’re asking to borrow at least £10,000.
Want to borrow less than £10,000? Our other borrowing options may suit you better.
What’s the best way for me to apply?
Before you decide how to apply, we need to find out which type of mortgage you have and how long is left on your current deal if you're in one.
Not sure how long is left on your current deal?
You can find the end date of your current deal on your latest mortgage statement as well as in Home Wise on our Mobile Banking app or in Internet Banking.
Not registered? Register for Internet Banking now
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- 1. Jump to Can I borrow more and switch to a new deal at the same time?
- 2. Jump to If I borrow more and switch deals at the same time, when will my new deal start?
- 3. Jump to What if I don’t want to switch deals and borrow more at the same time?
- 4. Jump to Am I eligible to borrow more?
- 5. Jump to How much could I borrow?
- 6. Jump to If I borrow more, what could I use the money for?
- 7. Jump to What mortgage deals are available?
- 8. Jump to How long can I take to repay my additional borrowing?
- 9. Jump to What are the risks?
- 10. Jump to How do I find the Loan to Value (LTV) of my property?
- 11. Jump to Will I be charged any fees?
- 12. Jump to Can I make other changes to my existing mortgage at the same time as borrowing more and switching deal?
- 13. Jump to Can I protect my mortgage?
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1.
Can I borrow more and switch to a new deal at the same time?
If you’re in the final three months of your current deal, or you’re already on one of our standard variable rates, you can compare your options for borrowing more and switching deals at the same time.
If you have between three and four months remaining on your current deal, you can secure a new rate for your existing mortgage now, but you won’t be able to borrow more online at the same time. If you’d like some help, you can speak to one of our Mortgage and Protection Advisers to discuss your options.
If you have more than four months remaining on your current deal, you will probably need to pay an Early Repayment Charge to switch to a new deal now. If you start to apply online, we’ll just show your extra borrowing options. You can get in touch if you’d like to discuss switching deals.
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2.
If I borrow more and switch deals at the same time, when will my new deal start?
If we approve your application, you can choose to receive your extra borrowing at a time that suits you. We’ll switch the rate on your existing mortgage when you ask us to send your money.
Your following monthly payments will change with your new interest rate on both your existing mortgage and your additional borrowing.
If your current deal is coming to an end before you have requested your money, your mortgage will move onto our Homeowner Variable Rate. We’ll write to you to explain how this could affect your monthly payments.
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3.
What if I don’t want to switch deals and borrow more at the same time?
If you’re eligible to switch your mortgage to new deal and borrow more, we’ll show you all the options available to you. You can then choose to continue with either one of these options.
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4.
Am I eligible to borrow more?
You can find out if you can borrow more online. We’ll ask a few simple questions and if you’re eligible, we'll show you all your available deals. Don’t worry, it won’t affect your credit score, even if you can’t borrow more.
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5.
How much could I borrow?
The minimum amount of additional borrowing you can request is £10,000. If you want to borrow less than this, one of our other borrowing options might suit you better.
The most you can borrow depends on your individual circumstances, such as your current mortgage balance and the market value of your home.
Get started online and we’ll tell you if we can lend you the amount you need.
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6.
If I borrow more, what could I use the money for?
There are a number of reasons you can borrow more, such as for a new kitchen or bathroom, which could increase the value of your home. You could combine your existing debts, such as credit cards or loans, into one monthly payment to save money on interest charges. You could even make your dream home a reality.
You should think carefully about your other options before you borrow any extra money against your home. It will increase your total mortgage debt and your home could be at risk if you fall behind on your payments. If you are thinking about combining your existing debts, we can help you to decide if adding them to your mortgage is the best move for you.
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7.
What mortgage deals are available?
Our current mortgage deals are based on your individual circumstances, such as how much you want to borrow, your current mortgage balance and the market value of your home.
Get started online and we'll show you all the deals that are available to you. Choose the one you think suits you best, answer a few simple questions and we’ll give you an answer in around 15 minutes.
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8.
How long can I take to repay my additional borrowing?
It can be the same as your current mortgage term, or you can choose a different one.
With a repayment mortgage, if you choose a longer term your monthly repayments will be lower but you’ll pay more in interest charges. If you choose a shorter term, you’ll save money in interest payments but your monthly payment amount will be higher.
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9.
What are the risks?
Additional borrowing is secured against your home, so it's important to remember that your home could be repossessed if you don't keep up with your repayments.
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10.
How do I find the Loan to Value (LTV) of my property?
If you ask to borrow more on your mortgage, we'll tell you your LTV when you apply. It’s based on your overall mortgage balance, including any extra borrowing, and how much we think your property is worth.
You can also find your current LTV by visiting Home Wise from Mobile or Internet Banking.
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11.
Will I be charged any fees?
There's currently no arrangement fee to set up your additional borrowing or to switch to a new deal, but you may need to pay a product fee for some mortgages.
You can add a product fee to your additional borrowing amount, but it’s important to consider that you'll need to pay interest charges on the fees.
Get started online and we'll show you all the deals that are available to you and the full details of any fees that will apply.
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12.
Can I make other changes to my existing mortgage at the same time as borrowing more and switching deal?
If you're thinking of switching to a new deal and borrowing more, but also want to change your term or repayment type, please contact us to discuss your options with one of our Mortgage and Protection Advisers.
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13.
Can I protect my mortgage?
Our Life and Body Cover is a great way to protect your mortgage. This type of insurance can give you the peace of mind of knowing that you and your loved ones will be able to keep your home, even if something happens to you. It could help to pay off your mortgage in the event of your death, or if you become too ill to work.
We have a range of options available to Lloyds Bank mortgage customers. Our Mortgage and Protection Advisers are on hand to discuss your needs and can help you to find the right level of cover for your needs.
You can find out more about protecting your mortgage, the cover we offer and how to get a personalised quote by visiting our Mortgage Protection page.
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