Santander Additional Borrowing

flamingblade · 16 October 2016 at 11:09AM

Hi all

I'm looking to get some additional borrowing on my existing santander mortgage in order to do some works to my house.

Does anyone know the process for this?

Will they go through a full mortgage-style application where they go through all my expenses etc?
Will there be a house survey to determine it's value?

I re-mortgaged with them last year (I stayed with them) and they did not go through a credit check or anything, they just asked some questions and processed the remortgage. It was painless!

Thanks

FB

Thrugelmir · 16 October 2016 at 11:13AM

In answer to your questions yes. New borrowing, new application. Procedures to be followed.

Switching product with an existing lender is not remortgaging. This requires no checks.

flamingblade · 16 October 2016 at 11:17AM

Thanks for the quick response!

Their website says that they can lend up to 85% of the value. Does anyone know if this will this require a survey and will I have to pay for it?

star02 · 16 October 2016 at 5:21PM

When I borrowed more with Santander I accepted their desktop valuation of the property (which was slightly less than I thought) but enough for me to borrow what I needed without going over the limit for additional borrowing.

All I then needed to do was upload proof of income (copy payslips)

Thrugelmir · 16 October 2016 at 5:23PM

flamingblade wrote: »

Their website says that they can lend up to 85% of the value. Does anyone know if this will this require a survey and will I have to pay for it?

Depends how close you are to the threshold. If the lender considers there to be more than sufficient equity probably not.

flamingblade · 17 October 2016 at 9:38AM

I see, thanks all!

Santander Additional Borrowing

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