It is 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.
If you don't want to, or perhaps aren't able to, move on up the ladder, a further advance could help you extend your current property so you can stay where you are but benefit from extra space. Although many lenders offer the opportunity to apply for a further advance, there are often restrictions on how much they will lend, which is often dictated by what you intend to spend the money on.
For example, your lender may allow a further advance to take your total borrowing up to 95% of the property's value if you propose to spend the further advance money to fund home improvements. But it might only allow you to go to 85% if you want the money for other purposes.
More about remortgaging
consolidate your debts | potential pitfalls of remortgages | alternative optionsbest buys | case studies
