Additional borrowing

If you already have a mortgage with us and are considering applying for further borrowing, whether it’s to make some changes to your home, or for another important item, we are here to help. Please note, not all customers are eligible for further borrowing and this is dependent on the type of product you hold with us. Please call us on 08000 288 288 call charges to discuss your eligibility.

How much can I borrow?

Any borrowing is subject to our lending criteria being satisfied at that time, however some key criteria includes:

  • Residential mortgage holders can borrow up to 85% of the value of your home for home improvements and Capital raising, subject to our lending criteria. A revaluation may be required.
  • Further lending is only available up to 90% LTV where customers are purchasing an additional legal interest, i.e. buying out their partner.
  • For BTL mortgages if you own more than 3 BTL properties, you are classed as a portfolio landlord, and further borrowing will not be allowed.
  • For BTL mortgage customers, the maximum loan-to-value rate for home improvements is 75% and 70% for other items.
  • The amount you can borrow might also be reduced if you hold part or all of your mortgage on Interest Only, or if you own (or are buying) a second property.
  • The minimum additional loan is £5,000.
  • We’ll talk to you about your income and outgoings to understand that any mortgage is affordable.

What can I use the additional borrowing for?

We won’t offer additional borrowing for debt consolidation such as credit card balances, business purposes or speculative purposes. We will consider any other purpose subject to our lending criteria

How much will it cost?

If we agree any additional borrowing, it will not be based on the product and interest rates offered for new business. Your additional borrowing will be based on our range of Additional Borrowing Rates, which can be found in the link below. These interest rates change over time and they may be higher than your existing rate on your main mortgage. Therefore it is important that you review our rates or contact us at the time you are interested to determine what your options will be.

Any borrowing you take up will increase the amount of borrowing secured on your home.

View Residential Additional Borrowing Interest Rates (PDF)

View Buy to Let Additional Borrowing Interest Rates (PDF)

Further considerations

To help guide you in the right direction, please also note that:

  • You must have had your mortgage for at least 6 months.
  • A minimum term of 5 years and a maximum term of 40 years apply, subject to lending criteria.
  • Your account must be up to date and not been in arrears during the last 12 months.
  • Further lending for residential mortgage holders will not be considered if your property is being let out.
  • If you are thinking about home improvements you may be asked to provide quotations for materials, labour and so on, so you may want to obtain them in advance.
  • If your mortgage is held on a shared ownership or shared equity scheme, or if you have a guarantor, then we won’t be able to offer you further borrowing. Please call your Independent Financial Advisor (IFA) to discuss your options.
  • Any borrowing you take up will increase the amount of borrowing secured on your home.
  • At least one applicant must be employed, self-employed or retired.
  • We will require evidence of your income in the form of your latest personal bank statement showing the latest salary/income credit. We will also require further evidence depending on whether you are employed, or self employed.
  • You will be required to pay for a revaluation of the property if the loan-to-value is above 65%.
  • One missed mortgage payment or two missed unsecured payments in the last 6 months can be considered provided the application still passes credit score and a satisfactory assessment is completed by the underwriter.

Any borrowing is subject to our lending criteria being satisfied at that time

How do I borrow more?

There are a few things to consider before borrowing more:

  • Contact our mortgage team on 08000 288 288 call charges. We’ll start by discussing what you want to do, and checking its affordable based on your circumstances.
  • We will arrange for a member of our Applications team to contact you with a view to arranging a fact-find appointment
  • for residential mortgages, you will be scheduled for an advised service where a personalised assessment will be undertaken by a professional Mortgage Advisor who will recommend a suitable product based on your individual requirements.
  • for Buy To Let mortgages, an ‘Information Only’ service will be provided where we assess eligibility and provide details on our products., this is sometimes also referred to as ‘Execution only’. If you require mortgage advice on your BTL mortgage you should contact your broker.
  • If your existing loan is interest only, we’ll ask you about your plans to repay it. Your new borrowing will only be offered as repayment, unless your mortgage is a Buy to let.
  • We’ll send you an illustration and an application pack within 5 working days from your completed fact-find appointment. If you’re happy with the changes, return the application form, the documentation required to support your application and any applicable fee to us, and we’ll process your request.
  • A solicitor might be needed. You will normally have to pay for this if you are buying a partner out or buying your freehold.
  • Once we’ve checked all details and obtained the necessary information to fulfil our lending criteria, we will proceed to send you an offer to read, sign and return to us.
  • Once we’ve checked all the details, we’ll agree to send the funds to you (or your solicitor).

You are entitled to request more than one illustration on any of our products that you qualify for. If you do require more than one illustration, please call us on 08000 288 288 call charges to discuss your options before completing your application.

Do I have to take the new borrowing on the same terms as the existing mortgage?

No, we currently offer specific products for further borrowing. Our qualified mortgage advisers will recommend a term and rate based on your situation.

Our Energy Efficient Additional Borrowing options

As part of our commitment to supporting our customers in becoming more sustainable and energy efficient, we have launched two Energy Efficient Additional Borrowing products for existing mortgage customers.

As part of eligibility criteria, you’ll need to create an Energy Saving Home Improvement Plan using our free tool powered by Energy Saving Trust (EST).

Create your Energy Saving Improvement Plan

More options for your mortgage

Find out how much you could borrow, and compare our different mortgage rates. We offer a range of mortgages for existing mortgage customers, including fee-free and fee paying products.

The Co-operative Bank reserves the right to change or withdraw any of its mortgage deals at any time. All loans are subject to status and valuation.

Check on the progress of an existing application

If you want to check on the progress of your mortgage application, call us on 08000 288 288. Lines are open 9am to 5pm Monday to Friday (call charges).

Got questions?

See if our FAQs can give you the answer.

Important information

These important documents lay out our responsibilities to you and the terms and conditions of our products and services.

Mortgages legal information

PDF documents

Tariff of charges (PDF)

General information for regulated mortgages (PDF)

How we use your personal information (PDF)

Your home may be repossessed if you do not keep up with repayments on your mortgage.

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