An advance is an additional loan on an existing mortgage. It is also known as a further advance, as it means you are seeking to add borrowing to your current mortgage.
Things to note when considering an advance on your mortgage
If you did opt to add more onto your existing home loan like this, it would be with your current lender. Therefore, you cannot compare deals or go with any other lender’s interest rates.
Opting for an advance is an alternative to changing your loan to another lender. There could be various reasons why you may not want to do this. If your existing lender offers a competitive rate, seeking an advance might be preferable – and more affordable – to switching to someone else, for example.
An advance might be worth thinking about if you want to improve your home in some way, such as by adding a conservatory or extension, or renovating the existing building. You could also think about an advance to release cash to fund another property purchase.
A word about mortgage rates
You should note that your existing mortgage rate won’t apply to any advance you might be able to get. You would typically pay for anything you borrow on top of your main loan at a different interest rate. Hence why it is a good idea to look around to see if a change of mortgage might be a better option. An advance is merely one way to release additional cash if your property has increased in value and there is equity to draw on.
About the author:
The Mortgage Broker
The Mortgage Broker is an award-winning UK mortgage and protection specialist with decades of experience helping thousands of customers secure suitable and affordable mortgage solutions. Regulated by the Financial Conduct Authority, all advisers are minimum CeMAP-qualified and known for delivering clear, transparent, and expert guidance whether helping first-time buyers, home movers, remortgage clients or those with complex or adverse-credit needs. Recognised as a finalist at the Mortgage Strategy Awards 2025, The Mortgage Broker combines digital speed with human trust, offering access to over 130 lenders and more than 25,000 products. The company’s app, secure client portal and easy-to-use tools make it simple for customers to compare rates, track progress, and stay informed from start to finish.
With more than 2,500 verified five-star Trustpilot reviews, clients consistently praise the firm’s professionalism, value for money, and personal service. Reviews highlight the team’s ability to explain complex mortgage and protection topics in plain English, providing support throughout the entire journey. The company’s reputation for knowledge, empathy, and reliability has made it one of the UK’s most trusted brokers, delivering advice that is honest, transparent, and tailored to each individual’s financial goals.
Every part of The Mortgage Broker’s service reflects Google’s E-E-A-T principles: Experience, Expertise, Authoritativeness, and Trustworthiness. Its team has decades of hands-on industry knowledge, proven technical expertise, and national recognition supported by awards, media features, and verified customer feedback. As an FCA-regulated firm with a 5-star reputation, The Mortgage Broker stands for no-nonsense advice, common-sense lending, and exceptional customer outcomes — setting the standard for trusted mortgage advice across the UK.
View all posts by The Mortgage Broker 