Further advance

This is an additional loan by a lender to the borrower.

If you wish to raise money against the value of your home - go see your home lender.

A further advance to release more money on your home, is sometimes referred to as a second mortgage. It will usually be secured by the existing mortgage deed.

You may wish to take out a further advance to pay for property improvement, a new car, school fees, or to buy shares, to invest in a private business etc.

If the equity in your property (i.e. it's worth substantially more than the outstanding mortgage) you'll be able to extend your loan - although not necessarily at the same interest rate as your existing home loan.

Get professional help from a qualified independent mortgage advisor and see how much you could save on your mortgage payments. There's no obligation, just plain good advice.

See also: Financial Services, Mortgages