What is a Further Advance?
A further advance is an additional loan that is added onto your current mortgage. The loan is secured against your property and normally this would be an extra mortgage running alongside your current one.
There are many reasons that you might consider a Further Advance, here are some of the most common reasons our clients tell us about:
- Funding home improvements
- Paying off debts
- Helping a child purchase a property
- To purchase something like a holiday, a car or a second property
- To make your property more energy efficient
A Further Advance is a loan that is secured against your property. So you should think carefully about whether you can afford the loan.
Your lender will have certain criteria that you will need to meet in order to borrow more from them. For example, you will need to meet their affordability criteria and your total mortgage must not go over their Loan to Value specified by your lender. Some lenders will not allow Further Advances for all purposes.
We can go through all this with you and help you to understand what is possible in your circumstances. We can help both existing mortgage customers or Your Mortgage Expert and new customers.
Contact us today for expert Further Advance Mortgage Advice.
YOU MAY HAVE TO PAY AN EARLY REPAYMENT CHARGE TO YOUR EXISTING LENDER IF YOU REMORTGAGE.
A MORTGAGE IS A LOAN SECURED AGAINST YOUR HOME. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE OR ANY OTHER DEBT SECURED ON IT.
There may be a fee for mortgage advice. The actual amount you pay will depend upon your circumstances. The fee is up to 1% but a typical fee is 0.3% of the amount borrowed.
Why choose us?
Our friendly, experienced team is based in the heart of Salisbury, Wiltshire. But we can help you no matter where you live in the UK. To find out more about us, visit our Meet the Team page.
Our team has:
- Over 80 years of experience in the mortgage and protection industry
- Close relationships with high street and specialist lenders
- We have over 100 five-star reviews on Google
- Have helped hundreds of people with Further Advance Mortgage Advice
How we work:
- Personalised, hard working service
- Search 1000s of deals from multiple lenders
- Detailed research to ensure you save money
- Take care of the paperwork to minimise stress
- By your side from application to completion
- The experience to get a good result for you
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Email DanDan Allen - Mortgage Adviser
Dan Allen has worked with mortgages for over 10 years. He takes time to understand different lender criteria. His wealth of knowledge means he will know which lenders will work for you situation. -
Email AdamAdam Nanson - Mortgage Adviser
Adam Nanson has worked in the Mortgage Industry for over 20 years. His friendly approach will mean you'll understand the complicated bits and cut through the jargon.