If you are looking for a longer-term fixed-rate mortgage, our Affordability Boost range could help you borrow more than you initially thought.
What is Affordability Boost?
We understand that affordability can be a key challenge for many people, so that’s why we have a range of products to help.
Our Affordability Boost range offers a different affordability assessment for fixed-rate mortgages of longer than five years. This means you may be able to borrow a bit more, depending on your financial situation.
What does this look like?
For example, a couple with one child, a combined income of £75,000 and monthly credit commitments of £650, could typically borrow up to £305,000. This is with a standard fixed-rate product when borrowing 85% of their home’s value. However, with an Affordability Boost mortgage, they might be able to borrow up to £375,000 dependent on their financial circumstances.
With a standard fixed-rate product they could borrow up to:
£305,000
With an Affordability Boost product, they could borrow:
£375,000
Affordability Boost mortgages are available to first-time buyers, home movers and anyone looking to remortgage. As well as existing mortgage customers looking for a fixed-rate mortgage of more than five years.
Is Affordability Boost right for you?
Our Affordability Boost range may be suitable for you if you want:
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A fixed-rate mortgage for over five years.
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To borrow more towards your first home, current home, or next home.
Our Affordability Boost range may not be suitable for you if you want to:
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Apply for a short-term or more flexible mortgage.
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Make changes to your mortgage within the next five years.
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Apply for a Buy-to-Let mortgage.
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Use an affordable home ownership scheme like Shared Ownership.
What are the key features?
- Available on longer-term fixed-rate mortgages of over 5 years only
- Available to first-time buyers, home movers, those looking to remortgage and existing mortgage customers who don’t want to borrow more
- Borrow up to 95% of the value of your home
- 10% overpayment per year as well as an additional £499 monthly overpayment allowed
How to apply
If you would like to discuss your options and explore what may be right for you, arrange an appointment with one of our Mortgage Advisers or call 0345 606 4488. Our lines are open 8am - 6pm, Monday to Friday.
Things to consider
While Affordability Boost may be able to help you borrow more, it’s important to think carefully about your long-term financial situation to make sure this product is right for you. Borrowing more can increase your monthly repayments and the amount of interest charged, meaning the total amount you need to pay back is likely to increase.
As part of the mortgage process, we assess your affordability to make sure you can afford your mortgage repayments. If you make any changes during your mortgage, such as borrowing more or changing the term, we will need to assess your affordability again. When doing this, the rates we use to assess your affordability may be higher.
If you'd like to know more about our range of Affordability Boost mortgages or to discuss what options may be right for you, arrange an appointment with one of our Mortgage Advisers today. Their advice will help you find the right mortgage for you.
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Tell us about your mortgage needs and arrange an appointment with a Mortgage Adviser to discuss how you could achieve them.
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Speak to one of our friendly mortgage team about your options.
Our lines are open 8am - 6pm, Monday to Friday.
YOUR MORTGAGE WILL BE SECURED ON YOUR HOME. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.
