Return to the Mortgage Glossary Home to view explanations for all mortgage terms. What follows is the definition for the term Advance as it relates to mortgages in the UK. Advance Once a mortgage lender has agreed in principal to give you a mortgage on a property you want to buy, the next step is to actually get hold of the funds. The loan itself is the "advance", known as such because the lender is lending you, the borrower, the money in advance of repayment.   Previous 10 terms < Administration Fee < Additional Security Fee < Added To Loan < Accident, Sickness and Unemployment Insurance (ASU) < Valuation Fee < Valuation < SVR (Standard Variable Rate) < Survey < Self-employed < Self Certification Next 10 terms Adverse Credit  > Agreement in Principle  > APR - Annual Percentage Rate  > Arrears  > Bankrupt  > Base Rate  > Booking Fee and Arrangement Fee  > Building Society  > Buildings Insurance  > Capital and Interest Mortgage  >