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.

You can submit a Further Advance application on your client(s) Limited Company account. Make sure to also check our Limited Company criteria.

Please use our further advance calculator to calculate your client's maximum further borrowing.

Further Advance calculator

Reasons to place business with The Mortgage Works This will reveal additional content

All BTL further advance products come with a free standard valuation.
Dedicated Green Further advance products to support landlords in improving the energy efficiency of their property.
Typically, your client won’t need to provide proof of identification, proof of address or proof of deposit.
We pay procuration fees on all further advances, and you can also receive an additional procuration fee for switching your client's existing mortgage.

Use our product finder to search for the best deals we can offer your client.

Loan purpose This will reveal additional content

Your client can borrow more for:

Home improvements (to the security address or another property)
Green home improvements (to the security address)
Debt consolidation
Purchase of new property
Purchase of land
Transfer of equity (this can’t be completed at the same time as a further advance application).

If your client is over the age of 70 and the LTV is over 65%, we’ll only consider applications for essential/structural repairs to the security.

Making energy efficiency improvements

If your client would like to borrow more money to improve their property’s energy efficiency, a Green Further Advance mortgage will give them a lower initial interest rate than our standard Further Advance mortgages.

Eligibility This will reveal additional content

To be eligible for a further advance, your client must:

Be a Buy to Let customer
Have owned and let the security property for at least six months
Have been making full monthly payments on their mortgage for at least six months
Not have been in arrears during the last 12 months, and no more than two months in arrears
Intend to borrow at least £2,500
Have an EPC rating between A-C for an LTV between 75.01% and 80%

We won’t accept further advance applications in the following circumstances:

If your client has a product switch application in progress (further advance applications will be reviewed after the switch is completed)
Capital raising for business purposes (if you're unsure, please contact Broker Chat to discuss prior to submission)
Applications with more than two clients
Where a further advance and change of borrower (also known as a transfer of equity) have been requested at the same time, either transaction must have completed before applying for the other. Please note that both a change of borrower (transfer of equity) request and further advance application will be assessed based on the relevant criteria at the time of submission.
Regulated Buy to Let applications
Where the requested further advance term exceeds the longest term on any existing mortgage accounts linked to the property. If the term exceeds this, we’ll reduce it to the closest whole year to the main loan.
If the existing mortgage term has less than 5 years remaining. The existing term will need to be extended to 5 years or more prior to submission of the further advance application.

Affordability assessment

To ensure your client can cover the additional monthly mortgage interest payment, we’ll stress the existing loan based on the term and the overall LTV.

See more information on our rental checks.

How to apply This will reveal additional content

Applications for further advances are submitted to Full Mortgage Application through TMW Online.

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 our Manual Mortgage Illustration request form (PDF, 192 KB).

For more information on the fees your client may have to pay, view our Tariff of Charges (PDF, 92 KB).

Rate switches and further advances This will reveal additional content

If your client is looking to complete a rate switch and a further advance, these are two separate applications and you 'll need to decide which to do first.

If you complete a rate switch application first, we're unable to guarantee that a further advance application will be accepted subsequently.

Completing a further advance first may mean that any subsequent rate switch could be charged at a higher rate due to the increased LTV. The further advance will need to have completed prior to a rate switch application.

If your clients have started a further advance application but don’t want to continue with this as they would rather proceed with a Rate Switch, we’ll require instructions from your clients to cancel the application. This can be included with the paper application form for the product switch.

Drawdown of funds This will reveal additional content

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 This will reveal additional content

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 guide

A-Z criteria

Search our A-Z criteria to find what you’re looking for.

View our full lending criteria

Calculators

Use our calculators to find out how much can be borrowed or the rental income loan required.

Use our calculators