How much can I borrow?
| Total loans up to (including your existing mortgage) | Maximum percentage of your home's value |
|---|---|
| At Birmingham Midshires it's possible to borrow from £1,000 to £2 million if you satisfy all of our lending requirements - which take into account how much you earn, the value of your home and the amount outstanding on your mortgage. | |
| £1,700,000+ | 75% |
| £1,700,000 | 85% |
| £500,000 | 90% |
| £150,000 | 95% |
What is the maximum you can borrow?
The highest amount you can borrow is based on a percentage of the loan on your home (called Loan to Value or LTV). The chart above shows the sliding scale we use.
The minimum amount you can borrow is £1,000, up to a total borrowing (including your mortgage) of £2million. The total borrowing must not exceed 95% of your home's value (LTV). The overall cost for comparison is 7.6% APR
A secured personal loan (which is available for Buy to Let loans only) allows you to borrow from £1,000 to £25,000. This allows you to borrow subject to the Consumer Credit Act. This means that, amongst other things, once your loan has been approved, we observe a period of up to 14 days before your loan can complete. The total borrowing including the secured personal loan cannot exceed 85% of your home's value.
If your additional borrowing meets any of the following criteria you will need to apply for a further advance. (See the 'What can I use a secured loan for?' section);
- The property is not let out.
- The additional borrowing exceeds £25,000.
- The property is let to a close family member.
- The loan is for home improvements.
- A further advance is not covered by the Consumer Credit Act
Can you afford it?
- Don't forget to give yourself some leeway for changes in your mortgage rate or other future expense - it's best to plan ahead for every eventuality
- You could get into difficulties later on if your repayments increase, so be realistic about what you can afford.
Our tracker rate mortgages are linked to Bank of England base rate (also know as Bank of England repo rate). Details of this rate can be found on the Bank of England website or in the Financial Times or other leading newspapers.
All our products are SUBJECT TO AVAILABILITY and can be withdrawn at any time
Your home may be repossessed if you do not
keep up repayments on your mortgage.
