If you are an existing Santander mortgage customer and you are thinking of borrowing more an Additional loan could be the right option for you. Some of the most commonly asked questions are shown below:
Help: If you have an existing mortgage with Alliance & Leicester and you want to borrow more the process is different
What loans do you offer?
We offer a range of secured and unsecured loans. To help you decide which is most appropriate to your circumstances please see our borrowing options page. The questions shown below relate to Additional Loans.
What repayment methods are available for Additional Borrowing?
Our additional loans are available on a repayment (capital and interest) basis only
Do I need to have an existing mortgage to apply for Additional Borrowing?
Yes. An Additional Loan is secured against your property and is therefore only available to our existing mortgage customers.
To qualify for an Additional Loan all loan parts of your existing mortgage must be on a repayment basis
How much money can I borrow?
The minimum loan size for an Additional Loan is £5,000. The maximum loan size (inclusive of your existing mortgage borrowing) is up to 85% of your property value. It's also important to find a borrowing option that's affordable for you and our mortgage consultants will help you work out what size loan you can afford
Can I pay off my Additional Loan early and will I be charged if I do?
Some of our additional loan rates carry an early repayment charge. This will be clearly shown next to the rate. The early repayment charge applies during any benefit period or introductory rate. If you've already taken an Additional Loan and you're not tied into an introductory rate, you're free to leave with no charge.
What is APR?
APR is the Annual Percentage Rate (APR) which shows the overall cost of credit as an annual rate of charge. It takes into account the interest, charges and any other costs involved in getting credit, which makes it easy to compare across the market.
All applications are subject to status and our current lending criteria. This means the amount we will lend you will depend on your individual circumstances, the type or property and the amount you borrow. When considering borrowing additional money for debt consolidation you should think carefully before securing any debts against your home.
THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE