Borrow more on your existing buy to let mortgage

If you'd like to borrow more on your existing mortgage from The Mortgage Works, you could increase your borrowing up to 80% of the value of your property. This is also known as a Further Advance.

See the rates for all our mortgages in our Buy to Let rate and criteria guide.

Derbyshire Home Loans Ltd (DHLL) and E-Mex Home Funding Ltd (E-Mex) don’t offer further advances to their customers.

Eligibility

To borrow more, you need to make sure that you:

  • are a Buy to Let customer with The Mortgage Works
  • have owned and let the property for at least 6 months
  • have been making full monthly payments on your mortgage for at least 6 months
  • have not been in arrears during the last 12 months
  • want to borrow at least £2,500

We won’t accept applications to borrow more if:

û you are in the process of switching your mortgage deal

û you want the money for business purposes

û there’s more than 2 people on the mortgage

û the mortgage is in the name of a Limited Company

û the property will be rented out to an immediate family member

What you can use the money for

You can use the money for:

  • Home improvements (to the property address or another property)
  • Purchase of new property
  • Purchase of land
  • Transfer of equity
  • Debt consolidation (only available if you apply through a broker) 

If you are 70 or older, and your additional borrowing takes your Loan to Value (LTV) over 65%, we’ll only consider applications for essential or structural repairs to the property.

Making energy efficiency improvements

If you’re borrowing more money to improve your property’s energy efficiency, it's worth checking out our Green Further Advance mortgages. They give you a lower initial interest rate than our standard Further Advance mortgages.

More about Green Further Advance mortgages

Switching your rate and borrowing more

If you want to switch your mortgage deal and also borrow more, it’s worth considering which you do first:

  • When you borrow more your LTV increases. So if you borrow more first, this may affect your choice of switcher rates.
  • If you switch your mortgage rate first, we can’t guarantee that we’ll accept your application to borrow more afterwards.

Apply to borrow more

If you have any questions about our Buy to Let mortgages, contact us.

If you’re ready to apply, book a telephone appointment and one of the team will support you throughout your application.

The team are available 9am to 6pm, Monday to Friday.

If you need advice, contact your broker or find an Independent Financial Adviser (IFA).

Mortgages are secured on your property. Think carefully before securing other debts against your property. You could lose your property if you do not keep up payments on your mortgage.