Further advance

If your clients want to borrow more against their Residential or Buy to Let mortgage, we're here to help.

How much can be borrowed?

The amount borrowed depends on circumstances. We will lend up to 85% of the property value, but this might be reduced if part of the mortgage is held on Interest Only, or if the applicant owns (or are buying) a second property.

What rates are available?

If we agree any additional borrowing, it will not be based on the product and interest rates offered for new business. Your additional borrowing will be based on our range of Platform Additional Borrowing Rates, which can be found in the link below. These interest rates change over time and they may be higher than your existing rate on your main mortgage. Therefore it is important that you review our rates or contact us at the time you are interested to determine what your options will be. Some of our rates carry an application fee, but we also offer the option of fee free products.

View Residential Further Advance Interest Rates
View Buy to Let Further Advance Interest Rates

Should your client wish to request additional borrowing, they should call us direct on 01752 236550 between 8.30am and 5.00pm on Monday to Friday, to discuss their options.

What can the additional borrowing be used for?

We won’t offer additional borrowing for debt consolidation, business purposes, or for investment or speculative purposes. We will consider any other purpose.

If a mortgage is held on a shared ownership or shared equity scheme, or if the mortgage has a guarantor, then we are not able to offer further borrowing - your client can call us 01752 236550 to discuss their alternative options.

Considerations for borrowing more

There are a few things to consider before borrowing more:

  • Quotations will be required if the money is being used for home improvements. These need to be obtained in advance
  • We’ll arrange an appointment for the client with one of our Mortgage Advisors, who will recommend a suitable term and rate
  • We’ll check the property value. If this has changed, we might ask the client to pay for it to be revalued
  • If the existing loan is interest only, we’ll ask about plans to repay it
  • The client may be transferred to a more recent version of the terms and conditions
  • We will send an illustration and an offer that needs to be read and signed by your client
  • We might ask you for up-to-date proof of income
  • A solicitor might be needed. Sometimes Platform will cover solicitor costs
  • Once we’ve checked all the details, we’ll agree to send the funds either to the client or their solicitor.

Please note that to be considered for an additional borrowing request, your client must:

  • Have had a Platform mortgage for at least 6 months
  • Not have had any arrears for the last 6 months
  • Want to borrow £5,000 or more
  • Not want to consolidate any outstanding debts, such as credit card balances, onto their mortgage.

Does new borrowing have to be on the same term as the existing mortgage?

No, new borrowing over a shorter term does not need to be on the same terms as the existing mortgage. Our qualified mortgage advisors will recommend a term and rate based on the individuals situation.