- Additional borrowing
Borrowing more on your mortgage
Borrowing more is when you ask your lender for more money. When borrowing more from Principality you can increase the amount you owe on your current mortgage or wait for your deal to end and choose a new one.
You may consider borrowing more for:
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Home repairs and improvements
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Consolidating debts
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Paying for a purchase or life event
How to apply
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Book a call back with one of our mortgage experts over the phone.
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Discuss your options with a mortgage expert.
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A mortgage expert will assess your application and check it meets our lending criteria.
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You will receive information from a mortgage advisor on the best option for you and will be advised on next steps.
Get started
Our mortgage experts will be able to help you with an application to borrow more on your mortgage.
Before you apply make sure you:
- Have had your current mortgage for over 3 months and are up to date on repayments.
- Know the income and monthly outgoings of all applicants.
- Know how much more you want to borrow and what you will be using the money for.
What you need to know
You have to wait 3 months after taking out a mortgage with us to apply to borrow more.
The minimum term is 2 years and maximum term is 40 years.
The amount you want to borrow plus the amount owed on your current mortgage cannot be more than:
- 90% LTV for residential properties
- 75% LTV for buy to let or holiday let properties
The length of time can depend on your individual circumstances. Generally, it can take 4 – 6 weeks for the additional funds to reach your current account.
More information
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Borrow more explained
What should you consider before you decide to borrow more money against your home?
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Speak to an expert
If you want to borrow more, get in touch and we can talk you through the process and the mortgage products available.
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Support centre
Find information to help with your account, money worries, or other life events.
Your home may be repossessed if you do not keep up repayments on your mortgage.