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 5 years and 9 months. 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.
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With a standard fixed-rate product they could borrow up to
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With an Affordability Boost product, they could borrow
Figures are subject to changes with our background affordability assessments.
Actual borrowing depends on affordability checks, meeting our lending criteria and product availability.
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 5 years and 9 months.
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 more than 5 years and 9 months.
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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 69 months.
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Apply for a Buy-to-Let mortgage.
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Use an affordable home ownership scheme like Shared Ownership.
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Apply but have been self-employed for less than two years.
What are the key features?
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Available on longer-term fixed-rate mortgages of more than 69 months.
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Available to first-time buyers, home movers, those looking to remortgage and existing mortgage customers who don't want to borrow more. Also available on JMSP and 95% new build applications.
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Borrow up to 95% of the value of your home.
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Affordability Boost products can be used for both standard and new build homes and flats.
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10% overpayment per year as well as an additional £499.99 monthly overpayment allowed
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Subject to affordability checks and meeting our lending criteria
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Up to 40-year term.
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. Refer to the JMSP page for full details of how this scheme works.
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Tell us about your mortgage needs and arrange an appointment with our mortgage team to talk about how you could achieve them.
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Our lines are open 9am - 5pm, 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.
LENDING APPROVAL IS SUBJECT TO AFFORDABILITY REVIEW AND MEETING THE TERMS OF OUR LENDING POLICY CRITERIA.