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Buying new property?

Complete the application form below to choose from a variety of mortgage products.

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Changing your mortgage?

We help you make sure that you get the best mortgage deals on offer..

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Want the Best Deals?

Our mortgage experts will work hard to find you the best mortgage deal to suit your needs.

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How does further advance work?

A further advance works as plainly as this. Suppose your property is worth a £100,000 and your current mortgage amount is 50% of the property, that is, £50,000. Then the bank could allow you further credit by 30%, that is, £30,000. This will take your mortgage amount up to 80% of the property, that is, £80,000..

But if you want to draw the money for some other purpose than renovations and home improvement and want to avail more advances on your property’s value, the lender would not be comfortable lending as much money to you as in the first case. In this case, if your property is worth £100,000 and your current mortgage amount is £50,000, then the bank or any other lender would only allow further exposure by 10%, that is, £10,000. This will bring your mortgage amount up to 60% of your property, that is, £60,000.


How much would it cost you?

The value of your property is the key factor to check when taking out further money against it. As it must have been quite a while since you first took your property on mortgage, so it is important that you check the value of the property, by arranging for a property valuation. You will have to bear the cost of this valuation. It is necessary to do so since the lending authorities have to make sure that the over all amount of borrowing does not exceed the value of the property

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Contact us if you would like more information on how further advance works.