Further Advance

If you have sufficient equity in your home you may be able to borrow additional funds against it, along side your mortgage in order to carry out home improvements or debt consolidation.

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Mortgages Sections

The further advance borrowing would usually be arranged on a different mortgage rate to your current mortgage. The further advance mortgage rates would typically be a lot lower than the rates obtained for unsecured credit.

If you are tied into your existing mortgage deal we would recommend making use of this further advance facility, to avoid you paying any hefty early repayment charges. However, if you are no longer tied into your existing mortgage deal then we would usually recommend reviewing your entire mortgage, with the possibility of remortgaging and capital raising, as we may be able to secure you a rate for the entire borrowing amount which could work out more competitive overall.

You need to ensure that you can afford the new monthly mortgage payments and ensure that the home improvements add value to your home in the long term for a further advance.  If funds are being raised are for non property use then this should be strongly considered.


The fees with a further advance are very minimal. The few fees to bear in mind are; a small application fee for the further advance, some lenders may have an arrangement fee (which would usually be added to the loan) and a valuation fee to ensure that the property is of sufficient value for additional funds to be raised.

Open Vision Finance specialise in the mortgage process, so we will be there support you throughout the time you have a mortgage and ensure that your finances are still adequate for your circumstances.  We can make the process of changing your mortgage and borrowing additional funds hassle free.  Get in contact with an adviser at Open Vision Finance to arrange an appointment.

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