Further advances
Our further advances can support your clients who have an existing buy to let mortgage with The Mortgage Works and want to borrow more.
Your client could borrow up to 80% of the value of their property (including their current mortgage), for any reason except to raise money for business purposes.
Procuration fees
We pay procuration fees on all further advances. You'll receive an additional fee if your client is switching too.Proofs not required
Typically, your client won’t need to provide proof of identification, address or deposit.
Free standard valuation
All buy to let further advance products come with a free standard valuation.
Your client must:
- Tick icon Be an existing buy to let customer
- Tick icon Have owned and let the security property for at least 6 months
- Tick icon Have been making full monthly payments on their mortgage for at least six months
- Tick icon Have good payment history (no arrears in the last 12 months; maximum of two months in arrears)
- Tick icon Intend to borrow at least £2,500
- Tick icon Have an EPC rating of A-C to secure a 75.01% to 80% LTV advance.
We won't accept:
- Cross icon Applications with more than two clients.
- Cross icon Clients with a product switch in progress
- Cross icon Regulated buy to let applications
- Cross icon Clients with an existing mortgage term with less than 5 years remaining. (Existing terms must be extended to 5 years or more prior to application.)
- Cross icon Capital raising for business purposes (contact Broker Chat prior to submission if you're unsure)
Maximum borrowing calculator
Use our Further Advance calculator to find your client's maximum further borrowing.
Our latest deals
Our online Product Finder makes it easy for you to find the best deal for your clients. Just enter a few details and we'll show you the latest deals available.
What can the loan be used for?
- Tick icon Home improvements
- Tick icon Energy efficiency improvements
- Tick icon Debt consolidation
- Tick icon Purchase of new property
- Tick icon Purchase of land
- Tick icon Transfer of equity (change of borrower)
Please note: If your client is over the age of 70 and the LTV is over 65%, we’ll only consider applications for essential or structural repairs to the security.
Energy Efficiency Further Advances
If your client is making energy efficiency improvements, they could benefit from:
- Lower initial interest rates
- No product fees
- Borrowing between £2,500 to £15,000 with up to 75% loan to value.
How to apply
Applications are submitted to a Full Mortgage Application on TMW Online.
You can submit a Further Advance application on your client(s) Limited Company account. Check our Limited Company criteria.
What you need to know
- There's no DIP produced, as the decision is made once the application is received and assessed (including a new valuation and a credit search).
- Further advance applications are valid for six months from the date of the first offer.
- After submitting a further advance, you'll need to wait six months after the payment has been made on the original loan before submitting another.
- You can only submit a maximum of two further advances in a year, and four further advances in a three-year period.
- If you wish to provide your client with a Mortgage Illustration, you can request one using the request form below.
Supporting documents
-
Manual Mortgage Illustration form
PDF,
184 KB
(opens in a new window)
-
Tariff of Mortgage Charges
PDF,
(opens in a new window)
Drawdown of funds
You can email a copy of the completed Further Advance Release form to tmw-completions@themortgageworks.co.uk.
To avoid delays in your completion, please ensure the subject field of the email includes the case reference number. And that is states one of the below:
- COT
- Certificate of title
- Report on title
- Release of funds form
We'll require five working days notice when submitting a further advance release. We'll release the funds on:
- the same day as completion if you select a working day
- the next working day if you select Sunday or a Bank Holiday
- the Friday before if you select a Saturday.
All applicants on the offer must sign a 'Further Advance release request'. The bank details on the release form should match the Direct Debit details held on the main loan. An offer is valid for 6 Months, so completion should be within this time. We may be able to offer a short extension if needed. We'll need to check there are no arrears on the main loan before we can release the funds. You'll need to ensure you have fulfilled any special conditions before requesting any further advance funds.
Where a solicitor is acting in the transaction, we can release the advance to the solicitor.
Funds release
If you or the solicitor emails us requesting funds release, please ensure the subject line includes our 8 digit reference number and the words, ‘Funds release form‘.
Failure to include this information may delay completion.
New business product guide
Take a look at our product guide to give you more information on our best rates and product features.
New business product guideCalculators
Use our calculators to find out how much can be borrowed or the rental income loan required.
Use our calculators