Topping up your mortgage

You may be able to increase mortgage loan if your equity and income have increased. The additional sum you can borrow wil depend on the value of your home as well as your potential to repay an increased mortgage fee. Lenders generally will allow an increase to mortgage of at least 80 per cent of the value of property.

Typical reasons why borrowers require a top-up to their mortgage include:

• paying for home improvements, an extension or attic conversion. (something that adds value to the property)
• to buy a new car, to pay for a holiday or meet other large expenses
• to pay off other high interest loans, (i.e.consolidate debts into one easy monthly payment)

Costs of topping up your mortgage may include:

• property valuation fees
• legal fees and other associated legal charges
• penalty fees are possible where existing fixed rate arrangements are broken with lenders
• additional mortgage protection and life insurance cover
• mortgage broker fees