*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.
A further advance means borrowing more money from your existing mortgage lender. Taking out a further advance is most commonly used towards home improvements or for a deposit towards an additional property purchase.
When applying for a further advance our Mortgage & Protection Advisors will talk through your budget and assess your income and outgoings to make sure the additional borrowing is affordable*.
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Book your free initial financial services consultation today with one of our mortgage advisors.
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. There are potential risks that come with additional borrowing because you’ll be borrowing against your home. This means your home is at risk if you can't keep up with your repayments. It may be worth looking into alternatives to borrowing on your mortgage. If you 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.
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 improvement, school fees, 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.
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.
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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.