If you'd like to borrow more on your existing mortgage from The Mortgage Works, you could increase your borrowing up to 75% of the value of your property. This is also known as a Further Advance.
Find a Further Advance mortgage using our mortgage rate finder.
Derbyshire Home Loans Ltd (DHLL) and E-Mex Home Funding Ltd (E-Mex) don’t offer further advances to their customers.
We won’t accept applications to borrow more if:
û you are in the process of switching your mortgage deal
û you want the money for business purposes
û there’s more than 2 people on the mortgage
û the property will be rented out to an immediate family member
You can use the money for:
- Home improvements (to the property address or another property)
- Purchase of new property
- Purchase of land
- Transfer of equity
- Debt consolidation (only available if you apply through a broker)
If you are 70 or older, and your additional borrowing takes your Loan to Value (LTV) over 65%, we’ll only consider applications for essential or structural repairs to the property.
Making energy efficiency improvements
If you’re borrowing more money to improve your property’s energy efficiency, it's worth checking out our Green Further Advance mortgages. They give you a lower initial interest rate than our standard Further Advance mortgages.
More about Green Further Advance mortgages
If you want to switch your mortgage deal and also borrow more, it’s worth considering which you do first:
- When you borrow more your LTV increases. So if you borrow more first, this may affect your choice of switcher rates.
- If you switch your mortgage rate first, we can’t guarantee that we’ll accept your application to borrow more afterwards.
If you have any questions about our Buy to Let mortgages, contact us.
If you’re ready to apply, book a telephone appointment and one of the team will support you throughout your application.
The team are available 9am to 5pm, Monday to Friday.
If you need advice, contact your broker or find an Independent Financial Adviser (IFA).
Mortgages are secured on your property. Think carefully before securing other debts against your property. You could lose your property if you do not keep up payments on your mortgage.