Return to the Mortgage Glossary Home to view explanations for all mortgage terms. What follows is the definition for the term Further Advance as it relates to mortgages in the UK. Further AdvanceA further advance is a term to describe increasing the amount of your mortgage. Often when a property has risen in value, the borrower may wish to borrow more money against the increased equity in their home. A further advance will normally be subject to a number of factors, including the value of the property, the amount of equity left in the property, and the ability of the borrower to meet the increased repayments. There will normally also be an arrangement fee.
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