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Further Advance

Further advance means approaching your existing lender to borrow extra funds. Unlike secured loan where money is provided by a different bank, with further advance the money is given by the existing lender which makes the whole procedure much quicker and much more straight forward.

Although the mortgage and the further advance are usually paid together they are two different things with different interest rates.

Often the process of getting the loan involves a valuation on the property and is subject to the usual loan-to-value restrictions.