Further Advance
Borrow more from your current lender
Whether you’re planning home improvements, consolidating debt, or need extra funds without changing your lender, a Mortgage Further Advance could be a simple way to utilise the equity in your property.
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What is a Further Advance?
A Further Advance is additional borrowing taken from your existing mortgage lender on your current property, without remortgaging to a new provider. The extra funds are added to your current mortgage and secured against your home, often at a different interest rate to your original borrowing.
In contrast to remortgaging, you stay with your current lender and avoid the costs and administrative work that can come with switching mortgages.
A Further Advance can be a cost‑effective way to access funds if you:
- Want to fund home improvements, extensions or renovations.
- Wish to consolidate higher‑interest debt (often cheaper than unsecured borrowing).
- Need extra money for education, family needs or other significant expenses.
- Prefer to keep your current mortgage deal in place rather than remortgage.
Because you’re staying with your current lender, you can avoid some fees associated with full remortgages, such as legal costs, valuations or applications to new lenders.
Before you apply for a further advance, you’ll need to think about:
- Whether the new borrowing is affordable
- The interest rate offered for the further advance
- Whether your existing mortgage product has restrictions
- The impact on future remortgaging or selling plans
Always seek personalised advice to make sure a Further Advance is the right option for your situation.
Our friendly advisers are always on hand to answer your questions.
With the right information at your fingertips, you can move forward knowing you’re making informed decisions that suit your goals and future plans.
At Broadbench, our expertise isn’t limited to self-employed or specialist cases, we also support PAYE employees in finding the right mortgage. We help you navigate affordability, and rates to secure a mortgage that fits your income, lifestyle, and long-term goals. With clear guidance and personal support, we make the mortgage process straightforward and stress-free.
How Does a Further Advance Work?
- It’s an additional loan agreed with your existing lender, secured against your property, just like your main mortgage.
- The interest rate and terms for the further advance may differ from your original mortgage.
- You must meet affordability criteria and have sufficient equity available.
- Lenders often cap the amount you can borrow based on Loan to Value (LTV) limits. For example, many lenders won’t lend more than about 80–85% of your property’s value.
Most lenders have minimum borrowing thresholds and eligibility requirements, so it’s important to speak to a mortgage specialist to check your options.
Benefits of a Further Advance
- Keep your existing mortgage arrangement
- Avoid some remortgaging costs and admin
- Potentially lower interest than unsecured loans
- Spread repayment over a long term to manage monthly costs
Is a Further Advance Right for You?
A further advance can be a flexible and cost‑effective way to access additional funds secured against your home — but it isn’t right for everyone. Speak to one of our mortgage experts to review your goals, affordability, and borrowing choices.
Further Advance vs. Other Options
Option | What You Do | Key Feature |
Further Advance | Borrow more from current lender | Avoids full remortgage |
Remortgage | Move to new mortgage deal (possibly new lender) | Opportunity to secure a new rate AND additional funds |
Second Charge Loan | Take separate secured loan with another lender | Useful if your lender can’t offer a further advance |
Your adviser at Broadbench can help you explore all these options and find the most suitable route.
Why choose Broadbench?
We collaborate with lenders who genuinely understand the nuances of self-employed income and flexible working arrangements. Our approach includes:
- Contractor-Friendly Lenders: Specialising in contractor mortgage and self-employed further advance applications.
- Tailored Advice: Expert, personal guidance based on your financial situation.
- End-to-End Support: From initial consultation to mortgage completion.
Proactive Rate Monitoring
At Broadbench, we continuously monitor mortgage rates on your behalf. If a more favourable rate becomes available before your mortgage completion, we’ll switch you onto that deal.
Please note that any changes are subject to lender policies and processing timescales.
Let’s discuss the best way to improve your mortgage and your financial future.
Our Advice & Fees
Product Transfers
(Remaining with your existing lender): No fee
Remortgages
(Moving to a new lender): £250 arrangement fee (a reduced rate for existing clients
Your Rights
You may be able to claim compensation from the FSCS if we cannot meet our obligations. The amount of compensation available will depend on the type of business and the circumstances of the claim.
We can provide more specific information on request, but as a guide, eligible mortgage claims related to advising and arranging are covered for 100% of a claim up to a maximum limit of £85,000 per person per firm.
FAQs
How is a Further Advance different from a remortgage?
With a remortgage, you switch your mortgage to a new lender (or a new deal with the same lender), often paying fees and legal costs. A Further Advance lets you borrow more from your existing lender without moving your mortgage.
Who can apply for a Further Advance?
Eligibility depends on your lender, your property’s value, and your financial situation. Typically, you must have a good payment history, meet affordability checks, and have enough equity in your home.
How much can I borrow?
Lenders usually have a maximum Loan to Value (LTV) limit, often around 80–85% of your property’s value. The exact amount depends on your existing mortgage, income, and credit profile.
Will the Further Advance affect my current mortgage rate?
The additional borrowing may have a different interest rate or terms from your original mortgage. Your adviser can help you understand the new monthly payments and overall cost.
Are there any fees or costs?
Some lenders charge an arrangement fee, valuation fee, or legal costs for a Further Advance. These are usually lower than the fees for a full remortgage, but it’s important to check with your lender.
How long does it take to get a Further Advance?
Once you’ve submitted your application and the lender has completed affordability checks and any required valuation, it usually takes a few weeks. Times can vary depending on the lender.
Can I get a Further Advance if I have a fixed‑rate mortgage?
Yes, but the Further Advance may be on a separate rate or term from your existing fixed rate. Your adviser can explain how this impacts your monthly payments and interest.
Ready for a Further Advance?
Fill out the form below to arrange a time to speak to a mortgage expert.