An affordable way to borrow £5,000 or more
You may be able to borrow more with an Additional Loan. The borrowing is secured against your home in the same way as your mortgage.
With no booking fees or Early Repayment Charges on some Additional Loans, it's an easy way to find the money for the things you need. It doesn't need to be the same term as your mortgage. You could choose a term between 5 and 35 years.
To apply for an Additional Loan, your existing mortgage and the amount you want to borrow needs to be less than 85% of your home's value.
See what it could cost
If your mortgage is with Santander find out what rates are available here.
To apply for an Additional Loan you must:
have a Santander mortgage you pay back on a Repayment basis - you can't apply if any part of your mortgage is Interest Only
have never been declared bankrupt or been subject to an Individual Voluntary Arrangement (IVA)
want to borrow less than 85% of your home's value, including your existing mortgage
want to borrow more than £5000
want to borrow the money for longer than 5 years.
Apply in branch or by phone
To arrange an Additional Loan simply book a mortgage appointment with us. This can be done either in branch or by calling 0800 092 3881. Lines are open 8am to 9pm Monday-Friday, and 8am to 4pm Saturdays.
If your mortgage is with Alliance & Leicester please call us on 0800 092 3881.
Lines are open 9am to 7pm Monday to Friday and 9am to 1pm Saturdays.
What to expect at your appointment
One of our Mortgage Advisers will ask you important questions about your needs, circumstances and your finances to complete a full assessment of your income and outgoings. This enables us to confirm how much we can lend you and confirm that it's affordable.
Borrow against your mortgage
With a Flexible Offset mortgage, you already have an agreed limit for borrowing additional money at the same rate as your mortgage. If you have available funds you can use these. However, if you use money from your available funds you normally need to do so, on a Repayment basis.
If the limit that was agreed when you took out your mortgage isn’t enough you can ask for a Credit Limit Review to borrow up to a maximum of 75% of the value of your home (charges will apply).
You can do this by calling us on 0800 092 3881. Lines are open 8am to 9pm Monday to Friday, and 8am to 4pm Saturday.
What to expect when you call
One of our Mortgage Advisers will ask you important questions about your needs, circumstances and your finances to complete a full assessment of your income and outgoings. This enables us to confirm how much we can lend you and confirm that it’s affordable.
When you change your deal you could borrow more at the same time
You may be able to borrow all the money you need at the same rate by taking out a new mortgage deal and borrowing more at the same time when you have 4 months or less until the end of your current mortgage deal or are paying our Standard Variable Rate.
Apply by phone
To make an appointment call us on 0800 092 3881. Lines are open 8am to 9pm Monday to Friday, and 8am to 4pm Saturdays.
If your mortgage is with Alliance & Leicester please call 0800 092 3881. Lines are open 9am to 7pm Monday to Friday, and 9am to 1pm Saturdays.
Please have your latest mortgage statement to hand.
What to expect when you call
One of our expert Mortgage Advisers will ask you a number of questions to establish your individual needs, circumstances, preferences and priorities; they will then be able to recommend the most suitable deal for you.
Depending on your needs you may find borrowing using a Personal Loan suits you better than taking an Additional Loan
You can borrow from £1,000 to £20,000, and choose a loan term between one and five years.
Also, your home won't be at risk if you get into financial difficulty and can't make the repayments. However, keeping up repayments is still vital as not paying can affect your credit rating and your ability to borrow in future.
All applications are subject to status and our lending criteria. This means that the amount we will lend you will depend on your individual circumstances, the type of property and the amount you borrow. For example, we may require a higher deposit if you are buying a flat or a new build property.
From 3rd October 2012 our SVR for Santander mortgage customers is 4.74%.
Interest rates change from time to time and we reserve the right to change our SVR in the future (because of either funding costs or mortgage market conditions).
The Alliance & Leicester Standard Variable Rate is 4.99%. A&L mortgage customers have different terms and conditions from Santander customers. Until 28th May 2010, the products previously sold to A&L customers were offered on the basis that, at the end of the introductory rate, the mortgage reverted to A&L's SVR currently 4.99% (Bank of England Base Rate +4.49%).
You cannot switch to the Santander Standard Variable Rate (SVR).
You may be able to switch to a Santander fixed or tracker rate and at the end of the introductory period you would move onto the Santander SVR. To find out what deals are available, call 0800 092 3881.
Lines are open 9am - 7pm Monday to Friday and 9am - 1pm Saturday.
If you are not within the introductory rate period of a mortgage deal or on our Standard Variable Rate we can transfer you to a new deal in 14 days.