Additional Borrowing

This is a secured overdraft facility on a Mortgage Current Account, where you can borrow up to £20,000, available with flexible Woolwich mortgages, subject to current lending criteria. Any utilised reserve will be charged at the Standard Variable Rate unless the main mortgage is an Offset mortgage, when it will be charged at the same rate as the mortgage. Once approved, the Mortgage Current Account Reserve works like a normal current account overdraft with a debit card and cheque book. You will have instant access to your funds and you choose when you borrow the money, how to spend it and when to pay it back. The facility can be agreed with your mortgage application at no extra cost. However, you can choose to apply at a later date subject to status and application fee.
A Mortgage Current Account Reserve is secured against your home and as an overdraft has no set repayment schedule or requirements to pay the interest as long as you remain within the credit limit. You will incur interest on the Mortgage Current Account balance until it is repaid. If you make no provision to pay this interest it will be added to your Mortgage Current Account Reserve balance, subject to credit limit availability. If the Mortgage Current Account Reserve credit limit is insufficient to accommodate the addition of interest your Mortgage Current Account Reserve will be in default. The maximum limit we may offer you upon initial application is £20,000. You may wish to arrange a standing order to help you manage repayments over a period that suits you. Your Mortgage Current Account Reserve must be paid in full by the time your main mortgage is repaid. To find out more call us on 0800 316 5500*.

If you are an existing Woolwich mortgage customer and the value of your home has increased, you may be able to tap into this equity and access extra funds. You can use the money for almost anything from improving your home to buying a car.
Repayments can be made either over the full life of the mortgage or a shorter term. Consider a further advance if you wish to borrow a lump sum with structured repayments. Please note, you will need to choose a new rate from our current range, for your further advance.  Further advances are not available to Offset customers however you may be able to apply for an increase to your reserve.
To find out more about a further advance or to discuss additional borrowing options available to Offset customers please call us on 0800 316 5500*. An administration fee is payable when you take out a further advance.