What are the benefits of a further advance? 
 
When you tie yourself into a mortgage deal, usually its for 2, 3, 5, 7 or 10 years. 
 
What happens though if you decide you need to borrow a bit more while you are within this fixed period, to build an extension, change the kitchen, get a conservatory, buy a BTL investment property and other things that are a bit pricey to save up for? 
 
You can either remortgage, or arrange a further advance. 
 
If you remortgage, you can raise that extra, however, if you are in a fixed period with the lender, it could cost you a % of your mortgage amount. 
 
To raise £20k, with some lenders you may end up needing to pay £20k in Early Repayment charges if you change lender! 
 
This is where Further Advances come in. You are not looking to change anything with your current lender, just borrow a bit more and because you are not moving away from them, nor changing the deal, you are not asking them to alter their contract with you. 
 
To find out how much you could borrow, we can go through their affordability process with you. 
 
If you are looking at a cost effective way of raising some more money via your home, get in touch 
 
Austyn Johnson CeMAP 
07500871209  
Share this post:

Tags

H D Consultants. Contact details here Live Chat webpage here Broker Log In / BrokerCentre here 
 
Head Office address; 109 Maldon Road, Colchester, Essex CO3 3AX (Administration Centre only) 
 
Your home may be repossessed if you do not keep up repayments on your mortgage. 
 
We normally charge a Professional Client Fee for mortgage advice. The amount will depend on your circumstances. A typical fee would be £500. The actual Professional Fee may be more or less than this, and is subject to a full Fact Find discussion and research process. H D Consultants is a trading name of Howard Reuben who are an Appointed Representative of PRIMIS Mortgage Network, a trading name of Personal Touch Financial Services Ltd. Personal Touch Financial Services Ltd is authorised and regulated by the Financial Conduct Authority. Registered Office: Preston House, 163 High Street, Crowthorne, Berkshire, RG45 7AF. Registered in England & Wales. Company Registration Number 4952586. This site is for UK Consumers only. Website Terms and Conditions click here for our Privacy Policy. GDPR Privacy Policy - click here (PDF download / view) This site contains third party links. By clicking these links you will depart from the H D Consultants' regulated site. H D Consultants nor PRIMIS Mortgage Network is responsible for the accuracy of the information contained within the linked site. The Financial Conduct Authority does not regulate some of the services listed. H D Consultants, mortgage and life insurance advisers, is authorised by the FCA no 403701. Our in house Wills and Trusts Practice is a long standing Member of the Society of Will Writers and Estate Planning Practitioners.  
FP Ref: 1436009 / exp 25.08.2025 
Long established, recognised and national nominees and award winners for our professional mortgage services; 
Our site uses cookies. For more information, see our cookie policy. Accept cookies and close
Reject cookies Manage settings