Further Advance

What is a Mortgage Further Advance?

 

A mortgage further advance is an additional borrowing taken out on top of an existing mortgage, typically from the same lender. This extra loan is secured against the property and usually has its own interest rate and repayment terms, separate from the original mortgage.

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Uses for a Further Advance

 

A further advance can be used for a variety of purposes, including:

• Home Improvements: Funding renovations, extensions, or other significant upgrades to the property.

• Debt Consolidation: Combining multiple debts into one manageable payment with potentially lower interest rates.

• Major Purchases: Financing large expenses such as buying a car or funding education.

• Investment: Providing capital for investment opportunities or starting a business.​

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The Process of Obtaining a Further Advance

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1. Assessment: The lender will evaluate the borrower’s financial situation, current mortgage, and property value to determine eligibility.

2. Application: The borrower submits an application detailing the amount needed and the purpose of the advance.

3. Approval: Upon approval, the lender will offer terms, including the interest rate and repayment schedule.

4. Agreement: The borrower agrees to the terms, and the further advance is added to the mortgage, secured against the property.​

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When is it Best to Use a Further Advance?

 

A further advance is best used when:

• Interest Rates are Favorable: Interest rates on further advances may be lower than those of personal loans or credit cards.

• Significant Equity is Available: Borrowers with substantial equity in their property can access more funds.

• Long-Term Expenses: Ideal for financing long-term projects or consolidating high-interest debt.​

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Why 3 Keys Mortgages are the Best People to Help

 

3 Keys Mortgages stand out as the best people to help with a mortgage further advance due to:

• Expertise: Our team of experienced mortgage advisors offers tailored advice based on your financial situation and goals.

• Comprehensive Service: We handle the entire process from initial assessment to final approval, ensuring a smooth experience.

• Personalized Solutions: We provide customized mortgage solutions, ensuring the further advance meets your specific needs.

• Customer Support: With a commitment to excellent customer service, 3 Keys Mortgages offers ongoing support and guidance throughout the mortgage term.

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By leveraging their expertise and customer-centric approach, 3 Keys Mortgages ensures that borrowers receive the best possible terms and support for their further advance needs.