How long does a further advance take

Use our product finder to search for the best deals we can offer your client. Read more about Green Further Advances. For more information on our rental checks click here. Further advance applications are valid for six months from the date of the first offer. If you wish to provide your client with a Mortgage Illustration, you can request one using our Manual Mortgage Illustration request form.

For more information on the fees your client may have to pay, view our Tariff of Charges. If your client is also looking to switch their mortgage deal, completing a further advance first might mean that any subsequent rate switch may be charged at a higher rate due to the increased LTV.

When you receive the mortgage acknowledgement email from us the fees will have been collected, the valuation instructed and the case will appear in your online case tracking. If you require your clients' mortgage account information prior to submitting an additional borrowing application you'll first need their permission to request this.

Once you have this call us and we'll be able to help. When calling, select option 2 and follow the instructions. If your client is an Interest-only borrower our interactive guide PDF KB Opens in a new window will help you select the right product. If your client is an existing Offset or Flexx for Term borrower they may be able to borrow more on their existing product, subject to our affordability requirements for residential borrowing , lending policy and the product LTV.

If your client has four or more mortgaged buy-to-let properties and is therefore a portfolio landlord, any further borrowing will need to be on a product from the portfolio landlord product page with the following exceptions:. For more information, please call us on or refer to our Buy to let product selection guide PDF KB Opens in a new window. Existing clients who have had a mortgage with us for at least six months and have made six consecutive payments within the last six months are eligible to borrow more with a further advance product, subject to the above product exceptions.

If we agree any additional borrowing, it will not be based on the product and interest rates offered for new business. The additional borrowing will be based on our range of Platform Additional Borrowing Rates, which can be found in the link below. These interest rates change over time and they may be higher than your client's existing rate on their main mortgage.

Therefore it is important that you and your client review our rates prior to submission of an application to check that the required product is still available. Some of our rates have a product fee, but we also offer the option of fee free products. We will consider any other purpose. If a mortgage is held on a shared ownership or shared equity scheme, or if the mortgage has a guarantor, then we are not able to offer further borrowing - your client can call us to discuss their alternative options.

No, new borrowing can be over a shorter term, and it must be at least 4 months shorter than the existing mortgage term. Cookie Policy - This site uses cookies and by using this site you are consenting to this. Find out why we use cookies and how to manage your settings. If your client already has an existing residential mortgage with Nationwide and wishes to borrow additional funds, you can now apply on NFI Online , unless the reason for borrowing is to pay off a subsequent charge on their property, in this case they will need to complete this transaction directly with Nationwide.

On some historic mortgage accounts you'll be unable to process additional borrowing applications and these will be flagged in NFI Online. Please contact us directly to discuss options. For any reasons outside of the above options, your client may be able to take out additional borrowing directly with us.

Read more about Green additional borrowing. The minimum mortgage term for additional borrowing is two years. The maximum term is 40 years, which is subject to our lending into retirement criteria. The term for the new lending must be at least two months shorter than the main mortgage account. This allows time for the additional borrowing application to be processed, so upon completion the additional borrowing will not exceed the main account.

If your client needs to increase their existing mortgage term s to enable them to proceed with an additional borrowing application, they'll need to follow the online process prior to commencing the additional borrowing application.

In most cases, the term change will take place on the 1st of the following month.