Further advances

If your property has increased in value, you could borrow more money against it using a further advance. when you take out a further advance, you usally borrow more money from your existing mortgage lender, charged at a different rate to your existing mortgage.

A further advance is not like a personal loan - it is secured on your property. So the interest rate charged will be lower than an unsecured loan, but if you cannot keep up the additional repayments you risk losing your home.

You are not technically remortgaing, so remortgage fees are not charged, although you may need to pay for a new valuation to determine the value of your property, plus a further advance fee.

If you are considering taking out a further advance, it could make sense to speak to a fee-free adviser.

Why not visit our calculators to find out how much a further advance could cost?

 

aldermore

Aldermore introduces loan-to-income cap

Aldermore has joined the growing number of lenders to introduce a loan-to-income cap on its mortgage range.

barclays-logo-hq

Barclays' mortgage lending up a third on 2013

Barclays increased its new mortgage lending by a third during the first half of the year, figures from its interim statement have shown.

jenga-house

Mortgage approval figures rebound in June

The number of mortgage approvals grew during June, Bank of England data has shown.

Mark Carney

Interest rates could rise 'sooner than markets expect'

The governor of the Bank of England has warned interest rates "could rise sooner than markets expect."

jenga-house

House prices now £54,000 above recession low

The average house price in England and Wales is now £54,000 above the recession low point, figures released by LSL have shown.

fca

MMR ushers in new mortgage lending era

The Mortgage Market Review rules bringing stricter affordability assessments and a potential processing slowdown come into force today for the first time.

The Bank of England

BoE ‘unclear' why mortgage lending fell 10% in February

Against a backdrop of positive economic news, the Bank of England said it was unclear why housing market indicators have been weaker than expected.

sold

High prices still a problem for homeowners

More than three-quarters of homeowners believe high house prices are a problem for the housing market and the wider economy.

kris-hopkins-mp

Housing minister defends escalating property prices

Housing minister Kris Hopkins has been forced to deny the Help to Buy scheme is pushing up house prices.

home sweet home

House prices up 6% in a year - LSL

House prices in England and Wales have reached a record high after the biggest monthly rise in almost two years, figures from LSL have shown.

coventry-building-society-logo

Coventry gross mortgage lending up 16%

Coventry Building Society has reported a 16% increase in its gross mortgage lending to £5.9bn for the year ended 31 December 2013.

repossess

Rate rise to push mortgage repayments up £2.2bn by 2015

UK homeowners will have to pay £2.2bn more in mortgage repayments by December 2015 in the wake of a "moderate" rise in interest rates, according to new analysis.

house price

Housing market growth takes average price to £250,000

UK house prices increased by 5.5% in the year to December 2013, taking the average UK house price to £250,000.

houses544

House prices increase 7.3% in 12 months - Halifax

House prices have risen by 7.3% in the last 12 months, the latest Halifax house price index has shown.

Row of houses and parked cars

House prices will leap 8% in 2014 - RICS

Brits will see house prices shoot up by 8% in 2014 thanks to demand for homes in all regions of the UK, the Royal Institute of Chartered Surveyors has predicted.

Page 1 of 2

Speak to an adviser

Free expert mortgage advice

l-c-logo-100-middle-with-border

Follow the link below to fill in our simple 3 step form and you will be contacted by a qualified mortgage adviser who will help you with your requirements.

YOUR HOME OR PROPERTY MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE

Mortgage best buys

key

Compare the latest mortgage rates using our compare
mortgages tool

Calculator

Use our easy-to-use mortgage calculators to find out how much you could borrow and calculate your monthly repayments

Ask Paula

Ask Paula

paula-john

If you have a question about mortgages or homebuying, why not ask Editor in Chief Paula John?

Paula is CeMap qualified.

Your Mortgage today

Calculators

Mortgage best buys

Compare the latest mortgage rates
using our compare
mortgages tool.





Your Mortgage guides

Download your FREE guides

Equity release market grows 26% in H1

Equity released by homeowners rose by 26% to £641.8m in H1 2014 compared to the same period last year, analysis from provider Key Retirement Solutions has shown.

Your Mortgage Awards

awards rondel 2013
Awards

Widely regarded as the UK's definitive consumer mortgage awards, for 22 years the Your Mortgage Awards have recognised and rewarded those lenders and providers that have offered the very best products and services to mortgage borrowers over the preceding 12 months.

Connect with YourMortgage.co.uk

Sign up for our weekly email alerts

Recieve up-to-date news directly into your inbox from us

Your Money Logo
toolssavings

Make the most of your money from investments, savings, retirement and financial planning.

Get expert opinions, top tips, all the latets news, videos, guides etc