Additional Borrowing

This is basically a secured overdraft facility on a Mortgage Current Account, available with flexible Woolwich mortgages, for additional borrowing where you can borrow up to 90% of the value of your home, including the borrowing already taken on your mortgage. Once approved, the Mortgage Current Account Reserve works like a normal current account 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.
Mortgage Current Account Reserves are secured against your home and provided on an interest only basis so you will incur interest for the additional borrowing until it is repaid. You may wish to arrange a standing order to help you manage repayments over a period that suits you. Mortgage Reserves must be paid in full by the time your main mortgage is repaid. To find out more call us on 0800 316 5500*. Any reserve used 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 main mortgage.

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.
To find out more about a further advance call us on 0800 316 5500*. An administration fee is payable when you take out a further advance.

We offer existing mortgage customers a flexible range of further borrowing options, as well as secured loans for existing and non existing Woolwich mortgage customers.