Further advances

  1. Home
  2. Placing business
  3. Product transfers and further advances
  4. Further advances

Your clients can borrow more money against the value of their home. The further advance is secured against their existing Halifax mortgage.

Please check the application will meet our criteria before applying:

  • Minimum further advance amount is £10,000.
  • Further advance not permitted within 6 months of completion of original mortgage.
  • No arrears - where the existing mortgage is in arrears a further advance application cannot be accepted. The customer should be advised to bring their account up to date.
  • Acceptable reasons for a further advance – see Criteria section for a list of acceptable reasons. Where for debt consolidation consider if there are any second charges on the property e.g. shared ownership schemes. Further advances are not accepted on shared equity schemes.
  • Maximum 85% Loan to Value - existing loan plus further advance amount must not exceed 85% LTV; where above 80% LTV (based on current indexed valuation) a revaluation will be required and a revaluation fee will be due.
  • Repayment plans – where current mortgage has an Interest Only amount acceptable repayment plan(s) must be held or no further advance will be available.

Points to note:

  • Use the Affordability Calculator as a guide to how much your clients could borrow.
  • To submit a further advance application sign-in online and then select Create Further Advance.
  • Select the correct payment route required.
  • Check the customer details including names are spelt correctly.
  • If applicant is self-employed then please include most recent tax year overview dates, within the 18 month limit.
  • Include reason(s) for the further advance and check that a new product has been requested for the full amount including the further advance value.
  • You will receive an update by email advising when the Mortgage Illustration is available online and of any requirements. You should upload any documents requested online.
  • You must return the declaration issued with the Mortgage Illustration signed by your client(s). If the declaration is not returned an offer document will not be produced and the application cannot be completed.
  • A further email update will advise when the offer document is available online.
  • When your client is ready to receive their funds, they should call the Halifax Refinance team on 0345 901 3161 and select option 2.
  • You can combine a Product Transfer and Further Advance application.

Our tracker rate mortgages are linked to Bank of England bank rate (also known as Bank of England repo rate). Details of this rate can be found on the Bank of England website at www.bankofengland.co.uk.

For independent information on mortgages, visit the website 'Money Advice Service'.

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