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Looking for some additional borrowing? Read on to see how we can help.
As time moves on, plans and dreams change and we recognise that, at some point, you may want to consider taking some additional borrowing on your existing mortgage.
Whether you are considering home improvements, looking at how you can invest to make your property more energy efficient or even buying additional shares in your Shared Ownership property, we are here to help make your dreams become a reality!
We have put together some information below to help provide additional support and guidance, as you consider your next steps. Scroll down to see other ways of finding financial advice.
Think carefully before securing other debts against your home.
Your home may be repossessed if you do not keep up repayments on your mortgage.
A Further Advance is when you take on additional borrowing from your current mortgage lender.
It is typically on a different rate to your main mortgage and you will need to consider what Further Advance products your mortgage lender offers.
If you aren't sure, it's recommended that you seek advice from a Financial Advisor.
This can vary, depending on your mortgage lender. At Dudley Building Society, there are a variety of options (subject to your type of mortgage) that can be supported by additional borrowing. These include:
In addition, you could:
Thinking of something else? The above are only some examples of ways you could use a Further Advance.
Think carefully before securing other debts against your home.
To ensure you are getting the right advice, a reliable financial advisor will be able to help support you through how you can obtain additional borrowing.
Yes! We have new, dedicated Energy Efficient products, which can help you carry out a range of energy efficient improvements, such as:
Improving the energy efficiency of your home will improve your EPC (Energy Performance Certificate), and may lower the cost of your energy bills.
The government offers a free-to-use tool, where you can enter your postcode to see what your property's current EPC rating is, in addition to the energy performance, environmental impact, possible improvements, and estimated potential energy savings.
Yes, this is possible. You will need to provide consent, in writing, from all guarantors..
Yes. Further Advances on properties that are not currently occupied by the borrower/s will be considered.
No. Dudley Building Society does not provide these.
Yes. A Further Advance is additional borrowing on your existing mortgage with your current lender.
A second charge is a separate loan, which can be taken out with a different lender.
Depending on which option you consider, there will be differences in terms of products available, rates charged and potential impacts on future remortgage changes. It is important to understand how this might affect you, so you should seek independent financial advice.
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