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A further advance is where you take on additional borrowing from your current mortgage provider.
Typically further advances will be provided on a different rate to your existing mortgage. Even if you aren't interested in moving lenders, it is worthwhile checking to see if you can get a better deal elsewhere; our advisors can help.
It may be beneficial to take on a further advance on your mortgage if you are keen to stick with your current lender, and they are offering a competitive deal. You should get a better rate on a further advance than a personal loan, with the ability to spread repayments over a longer period of time.
It is important to understand that the further advance is secured on your home, so it is not recommended to use a further advance to pay off existing debt.
Before you make your application, it is recommended that you:
A further advance will increase your overall borrowing, increase your monthly repayments and mean that you have more overall debt to repay over time.
Remortgaging presents a realistic option for many who are considering a further advance.
Moving to another mortgage provider and borrowing more can make sense, especially if you will not incur any early repayment or exit fees with your current lender. Our advisors can help you to consider the options and help you decide the best route forward. By getting the best deal possible on a remortgage, it may be financially beneficial to move providers.
Away from remortgaging, depending on the reason for the additional borrowing, there may be other options that are more applicable to your purchase.
Our advisors can help you to decide between the options.
As a whole-of-market broker, at Teito we have access to deals that are not accessible to the general public, including those from specialist lenders. We have helped many people like you to decide between a remortgage or further advance, and getting the best rates possible.
If you are ready to get started, complete our simple online form today.
THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR ANY OTHER DEBT SECURED ON IT.
IF YOU ARE THINKING OF CONSOLIDATING EXISTING BORROWING YOU SHOULD BE AWARE THAT YOU MAY BE EXTENDING THE TERMS OF THE DEBT AND INCREASING THE TOTAL AMOUNT YOU REPAY.