Borrow more

You could borrow up to 80% of the value of your property

If you already have a Buy to Let mortgage with The Mortgage Works and want to borrow more, you could borrow up to 80% of the value of your property (including your current mortgage).

You can view the rates available for all our mortgages by downloading the Buy to Let rate and criteria guide.

If you’re not sure on something or you’re ready to borrow more on your mortgage, you can call our expert Buy to Let team on 0800 545 3021 who are ready to help.

What 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)

You can’t use the money for business purposes.

If you're over the age of 70 and your LTV is over 65%, we’ll only consider applications for essential/structural repairs to the property.

To borrow more, you need to make sure that

  • You're a Buy to Let customer
  • You've owned and let the property for at least six months
  • You've been making full monthly payments on your mortgage for at least six months
  • You haven't been in arrears during the last 12 months, and no more than two months in arrears during the last period of arrears
  • You intend to borrow at least £2,500

We won’t accept applications to borrow more in the following circumstances:

  • Raising money for business purposes
  • More than two people on the mortgage
  • Where the mortgage is in the name of a Limited Company
  • Where the property will be rented out to an immediate family member

Rate switches and borrowing more

You can apply to switch and borrow more at the same time and benefit from your affordability calculation being based on the new switcher rate rather than your reversionary rate (as long as the switch element is completed first). If you go ahead and apply separately, be aware of the following.

  • Rate switch application is completed first: we can’t guarantee that an application to borrow more will subsequently be accepted.
  • Application to borrow more is completed first: any subsequent rate switch may be charged at a higher rate due to the increased loan to value (LTV).

Want to apply?

If you want to apply to borrow more, you can contact our expert Buy to Let team on 0800 545 3021 or request a call back. One of our team will personally own your case and provide you with as much support as you need.

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.