Also known as a further advance, borrowing an additional amount on your property may be right for you if you are looking to make improvements to your home or fund a special purchase.
A further advance is not like a personal loan - it is secured on your property, like your mortgage. You can spread your payments over the term of your mortgage, but if you cannot keep up the additional payments you risk losing your home. You should always check the market to see if you can get a better deal before committing.
How it works
Step 1. Find out if you can borrow more
Before you apply for a further advance, you should consider the following:
- Minimum loan amount is £5,000
- You must have had your West Brom mortgage for more than three months
- You can borrow up to 90% of the value of your property (subject to product availability). If you have an interest only mortgage, you can only borrow up to 60%
- You must have a good credit record
- The additional monthly payments worked out by the Society are affordable and assessed in line with policy rules
- You are not looking to pay off debts with the additional borrowing
Step 2. Find out how much you can borrow
Use our 'How much can I borrow' calculator to get an idea of what we may be able to lend to you overall.
Step 3. View our additional borrowing products
You can view our range of additional borrowing products here.
Step 4. Apply to borrow more
During the application process, you will need to provide information about your income and outgoings. To find out what documentation you will need, click here
We may also ask you for proof of planned purchases with the additional funding.