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How to get a further advance

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Written by:
08/01/2017
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 usually 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 remortgaging, 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.

 

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