A further advance is a loan that you can take out on top of your existing mortgage and is provided by the same lender. It can be used to make improvements to the property, pay off other debts, or for other personal reasons.
Your lender will assess your financial situation and the value of your property to determine if you are eligible for a further advance and what the terms of the loan will be. Some lenders may have specific requirements or guidelines for further advances, so it is important for you to review these with your lender before proceeding.
It’s also worth noting that some lenders may not offer a further advance facility, so it is important for you to check with your mortgage lender if they offer this option. If not then you may want to consider a remortgage or secured loan.
Further reading: What is a further advance mortgage?
