Raising additional finance
If you already have a mortgage and need to raise additional finance, perhaps for home improvements, a further advance could be the best option.
A further advance involves taking on more borrowing from your current mortgage lender. Typically this will be at a different rate to your main mortgage.
A further advance may be considered for the following:
- An extension
- Improvements to your home
- To raise a deposit for a second property, such as a buy to let investment
- Consolidating personal loans or credit cards
By choosing George Square Financial Management, your independent mortgage adviser will do the necessary research to ensure that your lender’s rate for a further advance is competitive.
A word of caution!
The interest rates on mortgages are normally lower than rates on personal loans and credit cards, however you could end up paying more in the long term.
Whilst increasing your mortgage for home improvements may add value to your property, increasing your mortgage to consolidate debts requires careful consideration.
For a free consultation with one of our mortgage advisers, call George Square Financial Management on 0115 947 5545 or contact us online here.
Your home may be repossessed if you do not keep up repayments on your mortgage. Equity release may be arranged as a lifetime mortgage or a home reversion plan. To understand the features and risks ask for a personalised illustration.