If you are looking to raise additional finance for any purpose (for example a house extension, car, holiday, consolidation of other debts) this may be an excellent time to review your complete mortgage arrangement to ensure you have the best overall mortgage deal.
Your existing lender may agree to lend you additional funds but this may be at their Standard Variable Rate. It may be worth contacting them in the first instance to discuss your requirements.
However it may well be simpler to change your mortgage provider and arrange the additional finance you need as part of your new mortgage. Remortgaging is usually quite simple and all your borrowing will therefore be at the same rate with one monthly payment.
More details about moving your mortgage to another lender can be found in the remortgage service part of our web site. To discuss your requirements in more detail and for advice on your particular circumstances please contact us on 0845 602 5541 or complete our Online Enquiry Form.