A B C D E F G H I J K L M N O P Q R S T U V W X Y Z

Letter F

Further advance

This is were the borrower takes on additional borrowing from the lender under the original charge created by the main mortgage.

Further advances, subject to loan to value limits, can be granted for many reasons but the common one is for home improvements.

People are in a position to take on a further advance if their property has had the benefit of equity appreciation or if they did not borrow a high loan to value in the first place.