- Home
- > Mortgages
Further advance - commonly asked questions
Who can take out a Further Advance?
What is 'equity'?
How much equity is in my home?
How much can I borrow?
How long can I take to repay a Further Advance?
What rate will I be charged?
What can I spend the Further Advance on?
Are there any fees?
Can I take out insurance to cover my repayments?
What are the risks I should be aware of?
How do I apply?
Your home may be repossessed if you do not keep up repayments on your mortgage.
Who can take out a Further Advance?
You need to have a Halifax mortgage to take out a Further Advance. If you don't have a Halifax mortgage we can still help – you could switch your mortgage to us and borrow extra at the same time. Find out how easy it is to switch to Halifax
Additional borrowing applications will not be permitted within 6 months of completion of the original mortgage.
The difference between the amount you owe on your mortgage and the current value of your property.
How much equity is in my home?
To find out how much equity is in your property you can use our equity estimator tool. You will need to log into our online banking service to access this
top^
How much can I borrow?
You can borrow up to 80% of the value of your property (taking into account your current borrowing secured on your home). To find out how much value is in your property you can use our equity estimator tool. You will need to log into our online banking service to access this
How long can I take to repay a Further Advance?
You can borrow up to the term remaining on your existing mortgage. The longer you take to repay, the lower your monthly repayments will be. Just bear in mind that the longer you take to repay your Further Advance, the more interest you'll be charged.
You can choose to suit your circumstances.
If you're looking for peace of mind that the interest rate you pay won't change
- fixed rates
If you want to take advantage of interest rates if they go down
- tracker rates
What can I spend the Further Advance on?
You can use the loan for a whole range of purposes, such as making home improvements, buying a car or perhaps paying off other outstanding loans. Although do think carefully before securing other debts against your home as your home may be repossessed if you do not keep up repayments on your mortgage.
Yes – a £99 arrangement fee. You can pay this upfront or add it on to the Further Advance. If you add the fee to the Further Advance you will be charged interest over the term of the loan.
Can I take out insurance to cover my repayments?
Yes – we offer Total Mortgage Protection Plan to help you plan ahead for the unexpected.
What are the risks I should be aware of?
This type of loan is secured against your home, so it's important that you keep up your repayments. If you don't keep up your repayments there is the risk that your home could be repossessed. Speak to us if you have any concerns.
You can start your application online now - it takes just five minutes to complete. Or you can contact us now on 08458 50 37 09 (Lines are open 8am to 8pm Mon to Fri, 9am to 4pm Sat).
Your home may be repossessed if you do not keep up repayments on your mortgage.
Next Steps
We're on hand to help – call us on 08458 50 37 09 with any questions
We may monitor and record telephone calls to help us provide a higher level of service. |
