Further Borrowing With April Mortgages: Your home may need to change before your mortgage ends.
You may need another bedroom, a new kitchen, a larger living space, or essential repairs. Moving home is not always the right answer. For some existing April Mortgages customers, further borrowing may be one option to consider.
Further borrowing means asking to borrow more against your home. It increases the amount secured on your property, so it must be reviewed carefully.
April Mortgages states that it can offer further advances for home improvements to customers who have held their mortgage with April for at least six months. The lender also says customers can choose from fixed rates available to new customers when they apply.
This page explains how further borrowing with April Mortgages may work, what to consider, and why advice matters before you apply.
Your home may be repossessed if you do not keep up repayments on your mortgage.
Further Borrowing With April Mortgages
Further borrowing with April Mortgages may help existing customers raise funds for home improvements.
Key points:
- April says further advances may be available for home improvements.
- You must have held your April mortgage for at least six months.
- Any borrowing is subject to eligibility, affordability and lender criteria.
- April says your mortgage broker can help you choose the best option.
- Borrowing more will increase the debt secured against your home.
- Alternatives may include a remortgage or second charge mortgage.
Before you apply, check your figures with our Mortgage Calculators and speak with a regulated mortgage adviser.
What Is Further Borrowing?
Further borrowing is when you ask your existing mortgage lender to lend you more money.
The extra borrowing is usually secured against your home. This means your mortgage balance increases, and your monthly payments may also rise.
Further borrowing is sometimes called a further advance. It is not the same as taking out an unsecured personal loan. It is also different from a full remortgage, where your whole mortgage may move to a new product or lender.
For April Mortgages customers, the purpose matters. April states that further advances may be available for home improvements.
Why Homeowners Consider Further Borrowing
Homeowners may consider taking on more debt when their home needs work but do not want to move.
Common reasons may include:
- Building an extension
- Converting a loft
- Replacing a kitchen or bathroom
- Improving energy efficiency
- Completing essential repairs
- Creating more living space
- Adapting a home for family needs
Further borrowing should not be viewed as spare money. It is a secured loan linked to your property.
A mortgage adviser can help you compare the cost, term and risk against other options.
April Mortgages Further Borrowing: What the Lender Says
April Mortgages says it can offer further advances for home improvements to customers who have held their mortgage with April for at least six months.
April also says customers can choose from any fixed rates available to new customers at the time they apply.
If you want to apply for a further advance, April says it will work with you and your mortgage broker. Your broker can help you choose the best option for your circumstances.
That advice stage is important. April also explains that mortgage brokers assess how much a customer may be able to borrow by reviewing financial information. This may include employment status, credit profile and current financial circumstances.
How April Mortgages Differs From Some Traditional Mortgage Products
April Mortgages is known for longer-term fixed rates and built-in flexibility.
For brokers, April lists features such as 5 to 15-year fixed rates, no early repayment charges when moving home or overpaying, uncapped overpayments, automatically reducing rates and up to 7x loan-to-income where eligible.
These features may appeal to some homeowners who want longer-term payment certainty. However, further borrowing still needs a separate affordability review.
A product feature does not mean every customer will qualify. Your income, outgoings, credit profile, property value and loan-to-value all matter.
What Will a Mortgage Adviser Check?
A mortgage adviser will usually review whether further borrowing is suitable.
This may include:
- Your reason for borrowing more
- Your current mortgage balance
- Your property value
- Your loan-to-value position
- Your income and employment type
- Your regular spending
- Credit commitments
- Dependants and household costs
- Current and future affordability
- The likely impact on monthly repayments
- Whether another option may be more suitable
Use our Residential Affordability Calculator for an initial estimate before speaking with an adviser.
The calculator is not a mortgage offer. It can help you prepare for the advice conversation.
Further Borrowing vs Remortgaging
Further borrowing is not always the only route.
A remortgage may be suitable if your current deal is ending, your property value has changed, or another lender offers a better overall option.
However, remortgaging can also involve costs. These may include early repayment charges, arrangement fees, valuation fees or legal work.
That is why the cheapest rate is not always the cheapest route. The full cost matters.
If your goal is renovation, you may also want to read our guide to remortgaging for home improvements.
Further Borrowing vs a Second Charge Mortgage
A second charge mortgage is another way to borrow against your home.
It sits behind your main mortgage. This means your original mortgage can stay in place while you take out a separate secured loan.
This may be useful if changing your current mortgage would trigger high charges. However, it adds another secured debt and can cost more over time.
A mortgage adviser can compare further borrowing, remortgaging and second charge options. The right route depends on your circumstances.
Is Further Borrowing With April Mortgages Right for You?
Further borrowing may be worth exploring if:
- You already have an April mortgage
- You have held it for at least six months
- You want to fund home improvements
- Your income can support the extra borrowing
- Your property value supports the loan-to-value required
- You understand the long-term cost
- You want advice before applying
It may not be suitable if:
- Your income has reduced
- Your credit position has changed
- You want to borrow for a purpose April does not accept
- You plan to move soon
- The extra monthly payment would create pressure
- A remortgage or second charge would be more suitable
The safest next step is a proper affordability review.
What Documents May Be Needed?
Your adviser may ask for documents before reviewing your options.
These may include:
- Proof of income
- Recent payslips or accounts
- Bank statements
- Current mortgage details
- Details of loans or credit cards
- Estimated cost of home improvements
- Property information
- Identification documents
The exact documents depend on your circumstances and lender requirements.
Speak to an Adviser About April Mortgages
April Mortgages products are available through selected mortgage brokers.
Connect Mortgages can help you review whether further borrowing with April Mortgages may be suitable. We can also compare other routes if further borrowing is not the right option.
For wider April product information, including 100% loan-to-value criteria, you can read the Connect Experts guide to the April No Deposit Mortgage. This is a separate topic from further borrowing.
Further Borrowing With April Mortgages FAQs
Can I borrow more with April Mortgages?
April Mortgages says it can offer further advances for home improvements to customers who have held their mortgage with April for at least six months. Any application remains subject to affordability, criteria and advice.
What can further borrowing be used for?
April states that further advances may be available for home improvements. This may include work such as extensions, renovations or essential property improvements, subject to lender policy.
Do I need a mortgage broker?
Yes. April says it will work with you and your mortgage broker if you apply for a further advance. April also states that its mortgages are available through selected mortgage brokers.
Will I get the same rate as my current mortgage?
April says customers can choose from fixed rates available to new customers at the time they apply. This means the rate available will depend on the products available when you apply.
Will further borrowing increase my repayments?
Usually, yes. Borrowing more increases the debt secured on your home. Your monthly payment and total amount repaid may increase.
Is further borrowing better than remortgaging?
Not always. Further borrowing may suit some existing customers, while a remortgage may suit others. The right option depends on costs, rates, charges, affordability and your plans.
Can I use further borrowing as a deposit?
April’s existing customer FAQs state that further borrowing is not an acceptable source of deposit. A broker can explain suitable deposit sources and lender rules.
What happens if I cannot keep up repayments?
Your home may be repossessed if you do not keep up repayments on your mortgage. Always check affordability before increasing secured borrowing.
Ready to Review Your Further Borrowing Options?
If you have an April mortgage and want to fund home improvements, further borrowing may be worth discussing.
Start by checking your budget, reviewing your mortgage balance and estimating your future payments. Then speak with a regulated mortgage adviser before making a decision.
Connect Mortgages can help you understand your options, compare alternatives and decide whether further borrowing with April Mortgages is suitable for your circumstances.
