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Halifax opens up further advance range
Halifax has made changes to its product range, lowering rates and increasing maximum loan sizes on further advance products.
The bank has reduced the headline rates on its two-year fixed further advance products by 1%. Rates in this product category now start at 3.89% and have no fee.
The amount borrowers can access as a further advance has been increased significantly to £2m.
Further advances involve borrowing more from your existing mortgage lender, although typically at a different rate to your existing loan.
Funding home improvements is a common reason for taking out a further advance but some use the cash to raise a deposit for a second property or a buy-to-let investment.
Craig McKinlay, mortgages director at Halifax, said lower rates would entice more borrowers into this market.
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“The increase in the maximum loan amount and significant reduction in rates in our further advance product range provides our customers with a great way to make repairs or improvements to their current property,” he said.