Borrowing more on your mortgage could be a way to raise funds. It’s important to know how it works, what lenders look for and what it might mean for your future payments.
This guide explains:
Borrowing more on your mortgage means increasing the amount you owe when you remortgage. If you ask your lender for a bigger loan, your total mortgage debt goes up.
You can use the extra money for things like home improvements, a new car or helping to pay for your child or grandchild’s wedding. You may have to pay an early repayment charge to your existing lender if you remortgage.
The amount you can borrow depends on a few key things:
Each lender has their own rules for how much extra you can borrow. If you're not sure, it's best to speak to them directly to find out what’s possible.
It depends on your lender and the type of borrowing you choose. Sometimes, you’ll repay it over the same term as your current mortgage. Other times, the repayment period might be different.
Here’s how it works for different types of borrowing:
Additional borrowing and remortgaging are similar, but they’re not the same. Here’s how they differ:
Borrowing more on your mortgage is a type of secured loan. This means the loan is backed by something you own – your home. If you can’t repay it, the lender could take your property to recover the money. In contrast, an unsecured loan isn’t tied to any asset. Because there’s no security, lenders usually charge higher interest rates and may offer smaller loan amounts.
Whether you have questions about a specific kind of mortgage or just want to find out more, the expert team are on hand to help.
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When you ask to borrow more on your mortgage, your lender will want to know how much you need and what the money is for.
One of the most common reasons is to pay for home improvements, like a new kitchen or an extension. These upgrades can increase your home’s value over time.
Other reasons might include:
Borrowing more on your mortgage isn’t the only way to boost your finances. For other options, check out our guide.
To borrow more on your mortgage, you’ll need to meet your lender’s requirements. These usually include:
The time it takes to borrow more on your mortgage can vary depending on your lender. In some cases, it might take just a week. But it could take longer, especially if extra checks or paperwork are needed.
The best way to get an accurate timeline is to speak directly with your lender. They can tell you how long the process is likely to take based on your situation.
Borrowing more on your mortgage can be helpful, but it also comes with risks. Here are some things to keep in mind:
Here’s a breakdown of what borrowing more means for different types of mortgages.
If you borrow more on a fixed-rate mortgage, you will get an interest rate based on what’s available when you apply. It can be different to the rate on your existing deal, so you could have two different rates.
If you borrow more on a variable-rate mortgage, your monthly payments may go up. The interest rate can change over time, so your extra repayments might rise or fall depending on the market.
If you borrow more on an interest-only mortgage, you’ll owe more money overall. This means your monthly interest payments could go up. Some lenders might also ask you to switch to a repayment mortgage, which would make your monthly payments much higher.
You owe more money and both parties who made the application are liable for the extra repayments.
It’s possible to borrow more even if your credit score isn’t great. But it can be harder to get approved. Lenders may ask for a bigger deposit or offer you a higher interest rate to reduce their risk.
If you're worried about your credit score, it’s a good idea to speak with a mortgage advisor. They can explain your options and help you find a deal that suits your situation.
A mortgage is a loan secured against your home. Your home may be repossessed if you do not keep up with payments on your mortgage. Saga Money may receive payment from Tembo if you get a mortgage offer via the Saga Mortgages service. This will not affect the amount you pay for the service.
Saga is a registered trading name of Saga Personal Finance Limited, which is registered in England and Wales (company number 3023493). Registered office 3 Pancras Square, London, N1C 4AG. Saga Personal Finance Limited is authorised and regulated by the Financial Conduct Authority under the registration number 178922.
Tembo Money Limited (12631312) is a company registered in England and Wales with its registered office at 18 Crucifix Lane, London, SE1 3JW. Tembo is authorised and regulated by the Financial Conduct Authority under the registration number 952652. Tembo Money was awarded Best Mortgage Broker at the British bank awards in 2022, 2023, 2024 and 2025.
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