A further advance on an existing mortgage is most commonly used to fund home improvements or as a deposit towards an additional property purchase.

Our Mortgage & Protection Advisors will talk through your budget, assess your income and outgoings in detail, and show the effect of possible future changes such as rising interest rates to help you make sure the additional borrowing is affordable*. With a full understanding of all the necessary information, you’ll be well placed to make the right decision.

  • "The team of Paul, Rajinee and Megan could not have worked any harder for my husband and I during the whole mortgage process. They turned what could have been a very painful process into something so easy. They were there to answer any questions, explained everything so well and basically held my hand through the entire thing. Their advice and encouragement throughout really helped to keep us sane and we cannot thank them enough for such marvelous work and excellent recommendations. Thank you. 🙏🏾"

    IB MacKechnie
  • "We are so happy we used Rettie Financial Services Glasgow team for our mortgage. They supported us every step of the way and when things got complicated they swiftly resolved issues and gave us every confidence. Their knowledge of the market and contacts are excellent adding huge value to their services."

    Victoria Smith
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    Is it a good idea to borrow more on your mortgage?

    The pros and cons of borrowing more on your mortgage depend on your personal financial circumstances. Additional borrowing does bring potential risks as you’ll be borrowing against your home. This means your home is at risk if you can't keep up with your repayments, so it may be worth looking into alternatives to borrowing on your mortgage. If you do choose to get a further advance on your mortgage, this may affect your ability to re-mortgage in the future. You may have to pay a fee to leave your old mortgage contract, and it can take 6-8 weeks to complete.

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    What can I use the additional money for?

    When you go through the remortgage journey with Rettie Financial Services, you’ll be asked if you’d like any additional borrowing. If you answer ‘yes’, we’ll ask you how much you want to borrow and what you want the money for. Typical reasons might include home improvements, school fees, a divorce settlement, debt consolidation, car purchase, or another property purchase. Each case will be fully underwritten by the lender, and a decision will be based on your current and future position.

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    How long will it take before I receive the money?

    How long it takes to receive the money will depend on the lender. Our Mortgage and Protection Advisors will be able to guide you based on each lender’s application timescales, so you know what to expect. In some cases, it can take as little as a week for your additional borrowing application to be accepted.

    *It’s important to note that the extra money you take out will be linked to your property, which you could lose if you aren’t able to keep up with your mortgage repayments.

    At Rettie we understand.

    At Rettie Financial Services we understand that everybody’s property journey is different. That’s why we’re with you every step of the way. Whatever your mortgage, insurance or other financial needs, and however complex your challenges, we have the experience and expertise to provide a tailored service that will deliver for you.

    Outstanding Customer Service

    Rettie Financial Services excels in speed, expertise and customer satisfaction. Our commitment to you extends beyond transactions, providing both financial and emotional support throughout the journey.

    Personalised Solutions

    We bring a personal touch to every interaction, taking time to understand and address your unique financial requirements. No matter how complex and intricate your needs, we have the experience and know-how to identify and deliver a personal, innovative solution that’s right for you.

    A Proven Approach

    Our highly experienced Mortgage & Protection Advisors have a proud track record in delivering a supportive, quick and hassle-free service, evidenced by a constant stream of 5-star reviews from our satisfied clients.

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    Your home may be repossessed if you do not keep up repayments on your mortgage. There may be a fee for mortgage advice. The actual amount you pay will depend upon your circumstances.

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    Rettie Financial Services Ltd is an appointed representative of Mortgage Advice Bureau Limited and Mortgage Advice Bureau (Derby) Limited which are authorised and regulated by the Financial Conduct Authority.

    Rettie Financial Services Ltd. Registered Office Address: Deuchrie, Dunbar, East Lothian, United Kingdom, EH42 1TG. Registered in Scotland Number: SC711925.

    There may be a fee for mortgage advice. The actual amount you pay will depend upon your circumstances. The fee is up to 1% but a typical fee is 0.3% of the amount borrowed.

    For insurance business we offer products from a choice of insurers.

    Your home may be repossessed if you do not keep up repayments on your mortgage.