Further advances

• 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.

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.

Read more about Green Further Advances

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

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.

For more information on our rental checks click here.

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.

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

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

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.