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 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' 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.


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."


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.


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.


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.


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 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.


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.


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.

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

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Guide to Mortgage Payment Protection Insurance

Mortgage Payment Protection Insurance (MPPI) covers your mortgage payments in the event of your being unable to work due to an accident, sickness or unemployment, so it is also known as ASU.

Guide to remortgage alternatives

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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