Borrowing more.
Borrowing more
For existing borrowers an additional borrowing mortgage could help if you need extra funds.
If you are an existing mortgage borrower with Suffolk Building Society and need extra funds you may be able to access an additional borrowing mortgage, also known as a further advance. There are many reasons people take out additional borrowing, such as for home improvements, one off purchases such as a caravan or motorhome, or even to consolidate debts.
If you can’t find what you’re looking for get in touch.
Find a mortgage product
Additional borrowing.
For existing Suffolk Building Society mortgage customers we may offer a range of additional borrowing options. Our currently available further advance products are shown below.
Mortgage Name
Rate
Initial Rate
APRC
Rate Term
Max loan amount
Max LTV
Full Details
Green Additional Borrowing (Residential) 2 Year Fixed Rate – up to 90% LTV
Fixed
Product ID: 79025
Fixed
Initial Rate
5.09%
APRC
7.2%
Rate Term
2 year
Max loan amount
£40,000
Max LTV
90%
Green Additional Borrowing (Residential) 2 Year Discount Rate – up to 90% LTV
Variable
Product ID: 78028
Variable
Initial Rate
4.99% (SVR minus 3.70%)
APRC
7.2%
Rate Term
2 year
Max loan amount
£40,000
Max LTV
90%
Green Additional Borrowing (Buy to Let) 2 Year Discount Rate – up to 80% LTV
Variable
Product ID: 78031
Variable
Initial Rate
5.39% (SVR minus 3.30%)
APRC
8.3%
Rate Term
2 year
Max loan amount
£40,000
Max LTV
80%
Additional Borrowing (Residential) 2 Year Discount Rate – up to 90% LTV
Variable
Product ID: 78027
Variable
Initial Rate
5.59% (SVR minus 3.10%)
APRC
7.6%
Rate Term
2 year
Max loan amount
£500,000
Max LTV
90%
Additional Borrowing (Residential) 2 Year Fixed Rate – up to 90% LTV
Fixed
Product ID: 79024
Fixed
Initial Rate
5.69%
APRC
7.7%
Rate Term
2 year
Max loan amount
£500,000
Max LTV
90%
Additional Borrowing (Residential) Standard Variable Rate – up to 90% LTV
Variable
Product ID: 83009
Variable
Initial Rate
8.69% (SVR)
APRC
9.4%
Rate Term
3 year
Max loan amount
£500,000
Max LTV
90%
Additional Borrowing (Self Build) Standard Variable Rate – up to 80% LTV
Variable
Product ID: 83010
Variable
Initial Rate
8.69% (SVR)
APRC
9.2%
Rate Term
3 year
Max loan amount
£500,000
Max LTV
80%
Additional Borrowing (Holiday Let) Discount Rate – up to 80% LTV
Variable
Product ID: 78030
Variable
Initial Rate
6.09% (SVR minus 2.60%)
APRC
8.5%
Rate Term
2 year
Max loan amount
£500,000
Max LTV
80%
Additional Borrowing (Buy To Let) Discount Rate – up to 80% LTV
Variable
Product ID: 78029
Variable
Initial Rate
6.09% (SVR minus 2.60%)
APRC
8.5%
Rate Term
2 year
Max loan amount
£500,000
Max LTV
80%
Additional Borrowing (Buy To Let) Standard Variable Rate – up to 80% LTV
Variable
Product ID: 82005
Variable
Initial Rate
8.69% (SVR)
APRC
9.1%
Rate Term
3 year
Max loan amount
£500,000
Max LTV
80%
FAQs
Frequently asked questions about additional borrowing mortgages.
This is where an existing mortgage borrower is looking to borrow additional funds. Whilst you can’t simply borrow more funds on your existing mortgage, an additional borrowing mortgage works as a “top up” to the existing mortgage balance and will almost certainly have a different interest rate.
Because you are borrowing more your mortgage lender would need to carry out the usual checks and affordability assessments, to ensure you can afford both your existing mortgage and the additional funds. You will be subject to maximum loan to value ratios (meaning you can only borrow up to a certain percentage of what the property is worth) and will usually have to pay certain fees when arranging your additional borrowing mortgage, such as application and completion fees.
Remortgaging to another lender could be an alternative to additional borrowing, however if you change your mortgage lender before your current mortgage deal reaches its end date you may be subject to penalty charges, including an Early Repayment Charge (ERC). This is usually calculated as a percentage of the original loan amount or the amount being repaid. You should check your original European Standardised Information Sheet (ESIS) which will give full details about any ERCs or penalties you may incur if you exit your mortgage deal before the set tie-in period.
Once you know the financial consequences you will need to carefully consider your options and may wish to seek the help of an independent financial adviser.
The most common reasons for taking out an additional borrowing mortgage include when carrying out home improvements, such as adding a conservatory, or even to raise a deposit for the purchase of a holiday home or buy to let property.
You may be able to undertake additional borrowing (also known as a further advance) for debt consolidation purposes subject to certain conditions. In this scenario it is important to be mindful of the implications of consolidating unsecured debts against your home, putting your home at risk and potentially increasing the overall cost of repayment. Applications for debt consolidation will be completed on a fully advised basis to ensure that this is right for you.
If you are porting your existing mortgage to a new property, but still need to fund a shortfall, you can usually borrow additional funds to help you do this. This type of application will be dealt with differently to an additional borrowing application, and you will have access to the Society’s standard range of mortgage products.
We will usually have additional borrowing options available for our buy to let mortgage borrowers. Our mortgage finder at the top of this page will show currently available additional borrowing options.
Typically we will have an additional borrowing option for our self build mortgage borrowers. Use the mortgage finder at the top of this page to see what additional borrowing mortgage products we currently have available.
Here to help
Managing your mortgage.
If you’re looking for general information or have a question about managing your existing mortgage we’ve put together some helpful guidance. This includes common queries such as removing or adding named parties, changing your details, porting your mortgage product to a new property and lots more.
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