Loan structure
Further Advance
A further advance is additional borrowing from your existing first-charge mortgage lender, sitting on top of your current mortgage rather than as a separate loan.
Further advance rates are often similar to first-charge mortgage rates, which makes them cheaper than secured loans for borrowers with clean credit and plenty of equity. The new borrowing typically sits as a sub-account at its own rate, with its own term.
Not all UK lenders offer further advances. Where they do, criteria can be as tight as a fresh mortgage application — full affordability assessment, credit checks, and sometimes a property revaluation. If your circumstances have changed since the original mortgage, you may be declined for a further advance even though the original was approved.
If you're looking to raise additional funds, ask your existing lender about a further advance first. If they offer one at a competitive rate with reasonable terms, take it. If not, a secured loan from a specialist lender is usually the next-best option.