Mortgages, Additional borrowing

What is additional borrowing?

Additional borrowing is a convenient way to obtain extra funds, in addition to your existing mortgage, that in the same way is secured against your property. Our friendly, professional mortgage advisors will help you to apply.

What can the money be used for?

Many people use additional borrowing to pay for home repairs or improvements. For instance, you could repair your roof, install a new boiler or driveway, fit a new kitchen or bathroom, add a conservatory or build an extension.

If you have a Coventry Buy to let mortgage, you could help raise money to purchase another Buy to let property.

There are some requests we cannot consider, such as to purchase a time share, pay gambling debts or taxes.

If you have a joint mortgage, the money raised must be used to benefit everyone named on the mortgage.

How much can you borrow?

Your current mortgage and the additional borrowing may total up to 85% of the value of your home or with a Buy to Let property, you can borrow up to 75% of the property's value. Both of these limits are subject to current product availability.

We consider the value of your property, your income, your financial commitments and our current lending criteria, when working out the amount we can lend to you.

Choosing your product

Your advisor will let you know what options are available to you and will help you find the best match with your needs. The product we offer is mainly determined by the type of mortgage you have with us.

Repaying the money

You can repay your additional borrowing in the way that suits you best and over an agreed term, which can be as little as two years or beyond the end of your main mortgage term.

Please note: this does not apply to offset mortgages where the term of the additional borrowing has to be the same as the main mortgage.

You can arrange to make single monthly payments to cover both your existing mortgage and your new additional borrowing.

Your next steps

If you've had your Coventry mortgage for at least six months and have made six consecutive payments and you'd like to apply for additional funds:

• Make an appointment with one of our mortgage advisors at your local branch
• Call our Customer Service Centre on 0845 601 5216

You will need to have to hand your latest payslip (or your accounts if you're self-employed) and we'll discuss how much you'd like to borrow and how much you can afford to repay each month. We'll help you choose the mortgage that suits you best and provide you with a Key Facts Illustration outlining the details of your additional borrowing, any insurance requirements and our responsibilities to you.

You'll find out what we can offer you and we'll help you select the mortgage that suits you best.

We'll provide you with a Key Facts Illustration outlining the details of your additional borrowing, any insurance requirements and our responsibilities to you.

If you'd like to go ahead, simply complete and return your signed application form to us and we'll send it straight through to our in-house underwriters who will check your application details, income and the current value of your property.

We'll then send a mortgage offer to you to check, sign and return to us and once we have received this, we'll send you your additional funds.

Your home may be repossessed if you do not keep up repayments on your mortgage.