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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?

 

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If you have sufficient equity in your property, it may be possible to get what is called a further advance - or a second mortgage - from your existing mortgage lender in order to pay for renovations to your property or an extension, for example.

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When your mortgage deal comes to an end, you may want to shop around for a new product. This is known as a remortgage.

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

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