Mortgage Further Advance
Additional borrowing is sometimes necessary and a further advance may be a helpful option if your property has increased in value since you bought it and you don’t want to remortgage or switch lenders.
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How do further advances work?
A further advance allows you to borrow more money from your mortgage lender, however this will be at a different rate to your mortgage.
Plus, as you’re not technically remortgaging, there shouldn’t be any effect on your existing mortgage.
This is a popular choice for borrowers who are looking for a long term loan with a competitive interest rate and do not want to remortgage.
What will you use it for?
There are four common reasons why you may consider a mortgage further advance:
- You’re looking to raise funds for a second property
- You need cash to improve your existing property
- You want to consolidate your debt into one monthly payment
- You’re looking for cash to pay for a wedding, university fees or other lifetime events.
