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Further Advance
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A further advance is an additional loan by a lender to the borrower.
If you wish to raise money against the value of your home - go see your home lender.
A further advance to release more money on your home, is sometimes referred to as a second mortgage. It will usually be secured by the existing mortgage deed.
You may wish to take out a further advance to pay for property improvement, a new car, school fees, or to invest in a private business etc.
If the equity in your property (i.e. it's worth substantially more than the outstanding mortgage) you'll be able to extend your loan - although not necessarily at the same interest rate as your existing home loan.
Last Updated: August 2007 © Moneyextra.com
Our senior editor Robin Amlôt recommends you should consider taking independent financial advice before acting on any article. Please contact us for help with your individual circumstances if any assistance is required.