Further advances

If your client already has a Buy to Let mortgage with The Mortgage Works and wants to borrow more, they 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.

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. HMO valuation fees are charged as standard.
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)
Debt consolidation
Purchase of new property
Purchase of land
Transfer of equity

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.

Eligibility This will reveal additional content

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

Be a Buy to Let customer
Own 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

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
Applications where the mortgage is in the name of a limited company
Regulated Buy to Let applications

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.

For more information on our rental checks click here.

How to apply This will reveal additional content

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

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.

If you wish to provide your client with a KFI, you can request one using our Manual KFI request form.

For more information on the fees your client may have to pay, view our Tariff of Charges.

Rate switches and further advances This will reveal additional content

If your client is also looking to switch their mortgage deal, completing a further advance first might mean that any subsequent rate switch may be charged at a higher rate due to the increased LTV.

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