Additional borrowing

Borrow more and make your home work for you

If you’d like to borrow more, perhaps to fund improvements to your property, first check that you are eligible to apply.

Additional borrowing is subject to valuation, income, affordability and credit checks.

Am I eligible?

You can apply as long as:

Tick icon it's been at least six months since you took out your main mortgage

Tick icon the additional amount you'd like to borrow is more than £10,000

Tick icon when added together your existing mortgage and the additional amount totals no more than 85% of the value of your home

Tick icon for borrowing on an interest-only basis, if your existing mortgage and the new amount you want to borrow adds up to no more than 75% of your home’s value. You will also need to have a suitable repayment vehicle in place.

Please note that these deals can be withdrawn at any time. A deal is not secured until we have received your completed application.   

YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE

 

 

Our current fixed rates 

 

How do I know which rates to look at? 

Our rates for additional borrowing are split out in to ranges based on the total mortgage amount. To work out this figure you need to add your current mortgage balance to the additional borrowing you’re looking to take out. Once you have this figure you will know which of the below rate tables is applicable to you.

The next thing you need to work out is your overall loan to value. This is the total borrowing against the value of the property. This will then allow you to look at what rates are available for your additional borrowing 


Mortgages up to £99,999 

Minimum amount of additional borrowing you can apply for is £10,000.

Term Loan to value Initial rate Followed by The overall cost for comparison is Product fee  Early repayment charges
2 years 0 to 60% 2.39% Homeowner variable rate, currently 3.74% for the remainder of the term 3.5% APRC £0 3% to 31/07/2018, then 2% to 31/07/2019
2 years 60 to 75% 2.84% Homeowner variable rate, currently 3.74% for the remainder of the term 3.6% APRC £0 3% to 31/07/2018, then 2% to 31/07/2019
2 years 75 to 85% 2.89% Homeowner variable rate, currently 3.74% for the remainder of the term 3.6% APRC £0 3% to 31/07/2018, then 2% to 31/07/2019
2 years 85 to 95% 3.99% Homeowner variable rate, currently 3.74% for the remainder of the term 3.9% APRC £0 3% to 31/07/2018, then 2% to 31/07/2019
4 years 0 to 60% 2.94% Homeowner variable rate, currently 3.74% for the remainder of the term 3.5% APRC £0 4% to 31/07/2018, then 3% to 31/07/2020, then 2% to 31/07/2021
4 years 60 to 75% 3.54% Homeowner variable rate, currently 3.74% for the remainder of the term 3.7% APRC £0 4% to 31/07/2018, then 3% to 31/07/2020, then 2% to 31/07/2021
4 years 75 to 85% 4.09% Homeowner variable rate, currently 3.74% for the remainder of the term 4.0% APRC £0 4% to 31/07/2018, then 3% to 31/07/2020, then 2% to 31/07/2021
4 years 85 to 120% 4.89% Homeowner variable rate, currently 3.74% for the remainder of the term 4.3% APRC £0 4% to 31/07/2018, then 3% to 31/07/2020, then 2% to 31/07/2021


Mortgages between £100,000 and £249,999

Minimum amount of additional borrowing you can apply for is £10,000.  

Term Loan to value Initial rate Followed by The overall cost for comparison is Product fee  Early repayment charges
2 years 0 to 60% 2.29% Homeowner variable rate, currently 3.74% for the remainder of the term 3.5% APRC £0 3% to 31/07/2018, then 2% to 31/07/2019
2 years 60 to 75% 2.69% Homeowner variable rate, currently 3.74% for the remainder of the term 3.6% APRC £0 3% to 31/07/2018, then 2% to 31/07/2019
2 years 75 to 85% 2.79% Homeowner variable rate, currently 3.74% for the remainder of the term 3.6% APRC £0 3% to 31/07/2018, then 2% to 31/07/2019
2 years 85 to 95% 3.69% Homeowner variable rate, currently 3.74% for the remainder of the term 3.8% APRC £0 3% to 31/07/2018, then 2% to 31/07/2019
4 years 0 to 60% 2.84% Homeowner variable rate, currently 3.74% for the remainder of the term 3.4% APRC £0 4% to 31/07/2018, then 3% to 31/07/2020, then 2% to 31/07/2021
4 years 60 to 75% 3.44% Homeowner variable rate, currently 3.74% for the remainder of the term 3.7% APRC £0 4% to 31/07/2018, then 3% to 31/07/2020, then 2% to 31/07/2021
4 years 75 to 85% 3.98% Homeowner variable rate, currently 3.74% for the remainder of the term 3.9% APRC £0 4% to 31/07/2018, then 3% to 31/07/2020, then 2% to 31/07/2021
4 years 85 to 120% 4.79% Homeowner variable rate, currently 3.74% for the remainder of the term 4.3% APRC £0 4% to 31/07/2018, then 3% to 31/07/2020, then 2% to 31/07/2021


Mortgages between £250,000 and £7,500,000 

Minimum amount of additional borrowing you can apply for is £10,000.  

Term Loan to value Initial rate Followed by The overall cost for comparison is Product fee  Early repayment charges
2 years 0 to 60% 2.14% Homeowner variable rate, currently 3.74% for the remainder of the term 3.4% APRC £0 3% to 31/07/2018, then 2% to 31/07/2019
2 years 60 to 75% 2.54% Homeowner variable rate, currently 3.74% for the remainder of the term 3.5% APRC £0 3% to 31/07/2018, then 2% to 31/07/2019
2 years 75 to 85% 2.64% Homeowner variable rate, currently 3.74% for the remainder of the term 3.6% APRC £0 3% to 31/07/2018, then 2% to 31/07/2019
2 years 85 to 95% 3.54% Homeowner variable rate, currently 3.74% for the remainder of the term 3.8% APRC £0 3% to 31/07/2018, then 2% to 31/07/2019
4 years 0 to 60% 2.69% Homeowner variable rate, currently 3.74% for the remainder of the term 3.4% APRC £0 4% to 31/07/2018, then 3% to 31/07/2020, then 2% to 31/07/2021
4 years 60 to 75% 3.29% Homeowner variable rate, currently 3.74% for the remainder of the term 3.6% APRC £0 4% to 31/07/2018, then 3% to 31/07/2020, then 2% to 31/07/2021
4 years 75 to 85% 3.84% Homeowner variable rate, currently 3.74% for the remainder of the term 3.8% APRC £0 4% to 31/07/2018, then 3% to 31/07/2020, then 2% to 31/07/2021
4 years 85 to 120% 4.64% Homeowner variable rate, currently 3.74% for the remainder of the term 4.2% APRC £0 4% to 31/07/2018, then 3% to 31/07/2020, then 2% to 31/07/2021

Representative Example:

A mortgage of £78,610.00 payable over 19 years, initially on a fixed rate for 2 years at 2.19% and then on our variable rate of 3.74% for the remaining 17 years, would require 24 monthly payments of £421.78 followed by 204 monthly payments of £476.08.

The total amount payable would be £107,243.04 made up of the loan amount, plus interest (£28,633.04).

The overall cost for comparison is 3.5% APRC representative.

What is a representative example?

This is an illustration of a typical mortgage and its total cost.

 

Things to bear in mind

If a product fee applies, it will be added to your mortgage. No interest will be charged if you pay the fee within 30 days of your mortgage starting. If you choose not to pay the fee immediately, interest will be charged as part of your main mortgage, and this will affect your monthly payments.

These are all our current fixed rate deals available today.

Mortgage deals often change, so if you’re returning to look at a product that you were interested in before, the pages shown are updated with the latest ones available.

These mortgages can be withdrawn at any time. Funds can only be reserved when we have your completed application.

Cheltenham & Gloucester tracks the Bank of England bank rate.

Our rates are only guaranteed for applications made today. We reserve the right to change our product range at any time.

If any or your current mortgage is interest only borrowing and you’re looking for additional borrowing, you must have a repayment plan in place and you'll need to provide suitable documentary evidence.

This information doesn't contain all of the details you need to choose a mortgage. You'll need our advice on whether additional borrowing is suitable for you.

When you apply for additional borrowing our mortgage advisers will ask you about your needs and circumstances and then recommend our most suitable loan.

 

YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE

YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE