15 Jan 2026
Five Common Reasons for Additional Mortgage Borrowing
Additional borrowing, also known as a further advance, is when you borrow more money on your existing mortgage for a specific reason agreed with your lender.
There are several reasons people want to raise extra funds, and your lender will want to know how much you are looking to borrow and for what purpose.
Five of the most common reasons for additional borrowing are:
- To pay for home improvements such as a new kitchen or bathroom
- Debt consolidation – to combine all debts, e.g., credit cards, loans, and overdrafts into one single loan with a lower rate to make it more affordable. (Contact the Mortgage Required team to find out if debt consolidation is right for you.)
- Making large purchases - this could be a new car, or even a second property
- Divorce settlements to assist with costs
- School fees for children or grandchildren
Will I qualify?
You will need to meet your lender’s specific requirements if you would like to borrow more on your mortgage. These include:
- Assessment of affordability - you must be able to afford the increased monthly payments
- Equity - they will look at how much equity you have built up since taking out your mortgage
- Timely payments - you should be up to date with your mortgage payments
- Good credit history - shows that you are reliable to the lender
- Mortgage balance/time with mortgage - you may be required to have had your mortgage for a specific time before applying for more funds
Borrowing more on your mortgage can help you achieve your goals; however, as with any loan, there are risks involved. You could be looking at risk of repossession, reduced equity, difficulty remortgaging in the future, and increased interest costs.
To find out if additional borrowing is the right option for you, get in touch with the experts at Mortgage Required.
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