Further Advance
Help your client apply for additional borrowing with us. We're right here for existing customers.
Further advances made easy
If your client wants to borrow more money on their mortgage, you could help them apply for a further advance with us.
When applying for a further advance for your client, you won’t be able to make any other changes to their mortgage at the same time.
Why a further advance with us?
- Products available for existing Residential and Buy to Let customers
- Straightforward application process, often without requiring a solicitor
- Further advance term can be longer than the main mortgage.
For loan terms longer than the main mortgage, the charge on the property will not be released until the further advance term has finished.
You'll also receive a 0.30% proc fee for a further advance.
Residential further advances
Take a look at our current range of further advance products, available for:
Please note: We can withdraw our products at any time and without notice. You must choose a product from the same range as your client's existing main mortgage. This means selecting a product from the same that the original mortgage was chosen from, such as the Standard Residential product range or the Bespoke Residential range.
Residential further advance criteria
Minimum loan size - £5,000
Maximum loan size - £1,500,000 (total mortgage including further advance)
Total Loan to Value (LTV) limits:
| Maximum loan size | Maximum LTV |
|---|---|
|
<£500,000 |
90% plus fees |
|
£500,001 - £750,000 |
85% plus fees |
|
£750,001 - £1,000,000 |
80% plus fees |
|
£1,000,001 - £1,500,000 |
70% plus fees |
2 years minimum (or product duration).
The further advance term can be longer than the main mortgage. The charge on the property will not be released until the further advance term has finished.
We’re currently only accepting applications on a capital and interest repayment basis.
Minimum income - £20,000 gross for the household (paid in £GBP).
Self employed - Must have been trading for 3 years but only the last 2 years' figures will be used.
Applicants can borrow funds to raise additional capital to fund most legal purposes, provided the capital is not used for:
- Business or speculative purposes*
- Payment of tax
- Gambling debts
- A timeshare.
*Raising capital to fund a deposit or outright purchase of a Buy to Let is not considered a business purpose.
Debt consolidation loans can be considered, subject to a maximum 75% LTV and individual assessment by our underwriters.
Where the term of the further advance is to be different from the main mortgage, we'll need to calculate the affordability for you.
You can call our Intermediary Enquiry Line on 0345 266 8928* if you need an affordability calculation.
*Lines are open 9am to 5pm Monday – Friday (excluding Bank Holidays). Calls cost no more than calls to geographic numbers (01 or 02). Calls from landlines and mobiles are included in free call packages.
Please refer to our adverse credit section.
For new build or newly converted properties, the LTV is limited to 85% for houses and 80% for flats. We define a new build property where either the house or flat was sold or first registered (for Leasehold) for the first time in the last 12 months.
Revaluations
A further advance less than £20,000 with a total LTV less than 75% (based on a house price index) may not require a physical valuation of the property. Anything other than this will need a property revaluation.
Please refer to our revaluation fee scale. This will be assessed upon application.
Revaluations are instructed once the case has been accepted and any related fee paid. The case will be passed to underwriting once fully packaged.
Standard Valuation
Where the last recorded Bank of Ireland UK panel valuation was more than 10 years ago a standard valuation will be required.
Please refer to our standard valuation fees. This will be assessed upon application.
A Solicitor isn’t normally needed, but there are a few occasions when it may be necessary to use one. For example, repaying a second charge, extending a lease, or purchasing the freehold interest in a leasehold property.
You can use our Solicitor Search tool to find firms already on our approved panel.
Minimum loan size - £5,000.
Maximum loan size - £2,500,000 (total mortgage including further advance).
Maximum LTV limits - please refer to our Bespoke loan size section for maximum LTV’s (including the additional borrowing).
2 years minimum (or product duration).
The further advance term can be longer than the main mortgage. The charge on the property will not be released until the further advance term has finished.
Minimum income:
- Repayment - One applicant must earn £40,000
- Interest Only - £50,000 or £75,000 jointly (if one applicant doesn’t earn £50,000).
Self employed - See our Bespoke self employed section.
Capital Repayment, Interest Only, or combination of the two, subject to any Interest Only balance having a suitable Repayment Strategy, and meeting our Bespoke Interest Only criteria.
Revaluations
A further advance less than £20,000 with a total LTV less than 75% (based on a house price index) may not require a physical valuation of the property. Anything other than this will need a property revaluation.
Please refer to our revaluation fee scale. This will be assessed upon application.
Revaluations are instructed once the case has been accepted and any related fee paid. The case will be passed to underwriting once fully packaged.
Standard Valuation
Where the last recorded Bank of Ireland UK panel valuation was more than 10 years ago a standard valuation will be required.
Please refer to our standard valuation fees. This will be assessed upon application.
A Solicitor isn’t normally needed, but there are a few occasions when it may be necessary to use one. For example, repaying a second charge, extending a lease, or purchasing the freehold interest in a leasehold property.
You can use our Solicitor Search tool to find firms already on our approved panel.
Buy to Let further advances
Take a look at our current range of further advance products, available for:
Please note: We can withdraw our products at any time and without notice. You must choose a product from the same range as your client's existing main mortgage.
Buy to Let further advance criteria
Minimum loan size - £5,000.
Maximum loan size - £750,000 (total mortgage including further advance).
Loan to Value (LTV) limit - LTV of 75%.
2 years minimum (or product duration).
The further advance term can be longer than the main mortgage. The charge on the property will not be released until the further advance term has finished.
No minimum income required.
Your client’s ability to pay is assessed on the rental income (which must be received in £GBP).
The rental income must be at least 145% of the monthly interest due, inclusive of any product fees added to the loan. This is calculated using the product rate plus 2.00% – subject to the following minimum rates:
| Product | Minimum Interest Rate |
|---|---|
|
Fixed rate less than 5 years or a variable rate |
The higher of 5.5% or product pay rate + 2% |
|
Fixed rate 5 years or more |
The higher of 4.5% or product pay rate + 1% |
Maximum total borrowing £2 million. The total portfolio size is 3 Buy to Let mortgaged properties per applicant (either solely or jointly) across all lenders, including Bank of Ireland Group. Portfolio sizes larger than this will not be considered for further lending.
Applicants can borrow funds to raise additional capital to fund most legal purposes, provided the capital is not used for:
- Business or speculative purposes*
- Debt consolidation (including second charges)
- Payment of tax
- Gambling debts
- Overseas property (including timeshare).
*Raising capital to fund a deposit or outright purchase of a Buy to Let is not considered a business purpose.
Capital Repayment, Interest Only or combination of the two, subject to any Interest Only balance having a suitable Repayment Strategy.
Please refer to our Interest Only section.
All applicants must be UK residents.
The applicant must be a residential home owner at the time of application (owned outright or subject to a mortgage).
Revaluations
A revaluation will be required for all Buy to Let further advances.
Please refer to our revaluation fee scale. This will be assessed upon application.
Revaluations are instructed once the case has been accepted and any related fee paid. The case will be passed to underwriting once fully packaged.
Standard Valuation
Where the last recorded Bank of Ireland UK panel valuation was more than 10 years ago a standard valuation will be required.
Please refer to our standard valuation fees. This will be assessed upon application.
For all Buy to Lets the EPC must be in place before the valuation/revaluation is instructed.
We'll only accept properties with an EPC rating of:
- A-E in England, Wales, and Northern Ireland (unless registered on the PRS Exemptions Register)
- A-D in Scotland
- A or B if applying for a Green Buy to Let mortgage.
We won't accept applications if these conditions aren't met.
To check the EPC rating of a property, visit:
- Find an energy certificate (England, Wales and Northern Ireland only)
- Scottish EPC Register (Scotland only).
Please refer to our adverse credit section.
A Solicitor isn’t normally needed, but there are a few occasions when it may be necessary to use one. For example, extending a lease, or purchasing the freehold interest in a leasehold property.
You can use our Solicitor Search tool to find firms already on our approved panel.
Minimum loan size - £5,000.
Maximum loan size and total LTV limits:
- £1,000,000 – 75% LTV (total mortgage including further advance)
- £1,500,000 – 60% LTV (total mortgage including further advance).
2 years minimum (or product duration).
The further advance term can be longer than the main mortgage. The charge on the property will not be released until the further advance term has finished.
Minimum income - £40,000.
Must have a rental income of at least 100% of monthly interest when calculated at the stress rate.
Your client's ability to pay is assessed on a combination of rental & earned income.
Must have a rental income of at least 100% of monthly interest when calculated at the stress rate.
Maximum total borrowing £2 million. The total portfolio size is 3 Buy to Let mortgaged properties per applicant (either solely or jointly) across all lenders, including Bank of Ireland Group. Portfolio sizes larger than this will not be considered for further lending.
Applicants can borrow funds to raise additional capital to fund most legal purposes, provided the capital is not used for:
- Business or speculative purposes*
- Debt consolidation (including second charges. Repayment of other mortgages/staircasing is not considered debt consolidation)
- Repayment of bridging finance
- Payment of tax
- Gambling debts
- Overseas property (including timeshare).
*Raising capital to fund a deposit or outright purchase of a Buy to Let is not considered a business purpose.
Capital Repayment, Interest Only or combination of the two, subject to any Interest Only balance having a suitable Repayment Strategy.
Please refer to our standard Buy to Let Interest Only section.
All applicants must be UK residents.
Non-owner occupiers can be considered.
Ensure the transaction is plausible as a Buy to Let investment for a non-owner occupier.
Revaluations
A revaluation will be required for all Bespoke further advances.
Please refer to our revaluation fee scale. This will be assessed upon application.
Revaluations are instructed once the case has been accepted and any related fee paid. The case will be passed to underwriting once fully packaged.
Standard Valuation
Where the last recorded Bank of Ireland UK panel valuation was more than 10 years ago a standard valuation will be required.
Please refer to our standard valuation fees. This will be assessed upon application.
For all Buy to Lets the EPC must be in place before the valuation/revaluation is instructed.
We'll only accept properties with an EPC rating of:
- A-E in England, Wales, and Northern Ireland (unless registered on the PRS Exemptions Register)
- A-D in Scotland
- A or B if applying for a Green Buy to Let mortgage.
We won't accept applications if these conditions aren't met.
To check the EPC rating of a property, visit:
- Find an energy certificate (England, Wales and Northern Ireland only)
- Scottish EPC Register (Scotland only).
A Solicitor isn’t normally needed, but there are a few occasions when it may be necessary to use one. For example, extending a lease, or purchasing the freehold interest in a leasehold property.
You can use our Solicitor Search tool to find firms already on our approved panel.
Ready to apply?
You'll need to speak to us to apply for a further advance for your client. We'll guide you through the application process and email you any documents you need to complete, along with instructions on how you can return these and any supporting information to us.
Further Advance FAQs
Yes, please contact us and we’ll be able to talk you through the process for a further advance application. The proc fee is 0.30%.
The illustration is valid for 10 working days from the date we receive the Further Advance Illustration Request Form.
When completing the application form, you can confirm whether the funds should be released on a specific date, or as soon as possible.
If it’s as soon as possible, we'll release the funds within five working days once we’ve received the signed Offer for the further advance.
Yes, the client will need to accept the offer. We send further advance offers by post, including an acceptance form. Clients must sign and return this form, confirming when they would like the funds released. Interest starts accruing from the date the funds are released.
The offer will be valid for 6 months from issue.
Please contact us, quoting the mortgage account number and the new product code. If the further advance has already been offered, we'll send an amended Offer that your client must sign and return to us.