Further advance on your home
Extra borrowing on the home you live in. A regulated mortgage contract. The lender looks at what the money is for, your income and commitments, and the value of your home.
Read common questions ↓← All mortgage services
Further Advance
Need to borrow more? Look at all your options.
A further advance is extra borrowing from your current lender on a home or buy-to-let property you already own. We help you compare it with a remortgage, a product transfer or a second charge, and explain what each would cost.
Start with your plans.
Tell us what you want to achieve. We’ll explain what we need to understand your circumstances.
- Further advance on your home
- Further advance on a buy-to-let property
Support that fits your situation
Your options, explained.
Further advance on a buy-to-let property
Extra borrowing on a property you rent out. Lenders consider the rent, the loan-to-value and your wider borrowing, and set their own limits.
Read common questions ↓Compare the alternatives
A remortgage, a product transfer or a second charge may cost less or suit you better. We compare the routes, including any early repayment charges, before you decide.
Read common questions ↓Before you proceed
Look beyond
the headline rate.
We’ll help you understand the overall costs and practical considerations. Advice and availability depend on your circumstances and the lender’s criteria.
- What the extra money is for, and how long you need it.
- Your current deal, any early repayment charges and your lender's criteria.
- How a further advance compares with a remortgage or a second charge.
- Fees, the overall cost over the term and the effect on your monthly payment.
Regulated and unregulated lending
Know which rules apply.
On your home
A further advance secured on a home that you or a close family member live in is a regulated mortgage contract, regulated by the Financial Conduct Authority. Pure Capital Limited is authorised and regulated by the Financial Conduct Authority (firm reference number 957322) and advises on these mortgages.
On a buy-to-let property
A further advance on a standard buy-to-let property is generally not regulated by the Financial Conduct Authority, so the protections that apply to regulated mortgages may not apply. A Consumer Buy to Let mortgage is regulated. We explain which rules apply to your circumstances before you proceed.
Make room to plan
Start with an illustration.
Use our calculator to explore the numbers, then speak to us about your individual circumstances. Results are estimates, not a mortgage offer or advice.
Common questions
Understand the detail.
Further advance
What is a further advance?
A further advance is additional borrowing from your current mortgage lender, secured on the property you already own. It is usually arranged as a separate loan alongside your existing mortgage, and it may have its own rate and term.
Why might someone take a further advance?
Common reasons include home improvements, repaying other borrowing or funding a personal plan. The lender will want to know what the money is for and will assess whether the extra borrowing is affordable.
How is it different from a remortgage?
A remortgage replaces your existing mortgage, often with a new lender, and can release extra money at the same time. A further advance adds to what you owe your current lender while your existing deal normally stays in place. Which suits you better depends on your current rate, any early repayment charge and the cost of each route.
How is it different from a second charge?
A second charge is a separate loan, usually from a different lender, secured on the same property behind your first mortgage. A further advance comes from your current lender. We look at both, alongside a remortgage.
Is a further advance regulated?
A further advance secured on a home that you or a close family member live in is a regulated mortgage contract, regulated by the Financial Conduct Authority. A further advance on a standard buy-to-let property is generally not regulated, while a Consumer Buy to Let mortgage is. We explain which rules apply to you.
Can I take a further advance on a buy-to-let property?
Some buy-to-let lenders allow further advances, subject to their own criteria, such as rental cover and loan-to-value limits. What is available depends on the property, the rent and your circumstances.
Will the lender want to value the property?
Often, yes. A lender may want to confirm the current value, although requirements vary between lenders and with the amount you want to borrow.
Will it change my existing deal?
The extra borrowing can carry its own rate, so your overall cost and monthly payment can change. Check any early repayment charges and how the new borrowing is repaid before you proceed.
What documents are usually required?
Typically proof of identity and address, evidence of income, details of your current mortgage, the property value and what the money is for. Your adviser will confirm what your lender needs.
Why should I use a mortgage adviser?
A further advance is one of several ways to borrow more. Advice helps you compare them, understand the costs and the regulation that applies, and decide before you commit.
Your home may be repossessed if you do not keep up repayments on your mortgage.
The Financial Conduct Authority does not regulate most buy-to-let and commercial mortgages.