Borrowing extra money

The Mortgage Current Account Reserve can be used for short-term, flexible borrowing and is a secured overdraft on your Woolwich Mortgage Current Account.

You can borrow up to £20,000 at our Standard Variable Rate, subject to the terms of your mortgage.

The Reserve facility comes with a debit card and cheque book and is flexible - once you've set it up you can draw the money down whenever you want. You can also pay off the additional amount as soon as you like, with no early repayment charges.

Of course you must pay it in full by the time your main mortgage is repaid.

A Mortgage Current Account Reserve is secured against your home and provided on an interest-only basis. You will incur interest for the additional borrowing until it is repaid.

You may want to arrange a standing order over a period that suits you to help you manage your repayments or alternatively consider a further advance.

Any reserve used will be charged at the Standard Variable Rate.

Can I have a Mortgage Current Account Reserve?

To set up a Reserve or increase your existing limit, call us on 0800 197 1081 ¹ . Please note: some of our non-flexible mortgages do not come with a Mortgage Current Account Reserve. If you're unsure about the type of mortgage you have, we can help with this too.

A further advance can be a low cost way of getting the money you need. For longer term, more structured borrowing, you may be able to use any equity in your property to release extra funds with a further advance.

You can use the money for just about anything and repay this monthly over the full life of the mortgage or a shorter term.

You can choose a new rate from our current range for your further advance and will need to pay an administration fee.