Further Advance Mortgages

What Is a Further Advance?

A further advance is when you borrow additional money from your current mortgage lender, using the equity in your property. Instead of remortgaging to a new lender, a further advance allows you to keep your existing mortgage while taking out extra funds.

Homeowners often use a further advance for:

• Home improvements or renovations
• Debt consolidation
• Funding education costs
• Large purchases or investments
• Expanding a property portfolio

How We Help with Further Advances

At Moneybox Financial Management Limited, we make the process simple and stress-free by:

• Assessing Your Eligibility – Checking your current mortgage, income, and affordability.
• Finding the Right Rate – Comparing further advance options from your lender.
• Handling the Application – Completing all necessary paperwork and liaising with the lender.
• Providing Expert Advice – Helping you decide if a further advance is the right option for you.

We ensure you fully understand the costs and terms before committing.

When Is a Further Advance Appropriate?

A further advance can be a good option when:

• You need extra funds but want to keep your current mortgage deal.
• Your lender offers a competitive interest rate.
• You have sufficient equity in your home.
• You need to borrow a smaller amount and don’t want to remortgage.
• You want to avoid early repayment charges from switching lenders.

When Is a Further Advance Not Appropriate?

A further advance might not be the right choice if:

• Your lender's interest rate is higher than other options.
• A remortgage or secured loan offers better terms.
• You have limited equity in your home.
• You plan to sell your property soon, as the extra loan could affect flexibility.
• Your affordability doesn’t meet the lender’s criteria.