Advance in United Kingdom

Advance in the Context of Mortgages

Loan from a bank or building society in the form of a mortgage.

Similar Terms

Further advance

Further advance

You can sometimes have the facility to borrow further funds once you have been paying your mortgage for a set period of time, especially with a flexible mortgage. A fee is charged by your lender to cover the cost of assessing the merits of your application. Costs 50 – 100

Further advance legal fee

Further advance legal fee

A fee that is normally charged when you apply for a further advance of money on your mortgage. This covers the necessary administration to ensure that the lender’s legal charge over the property is maintained when further money is lent.

Mortgage advance

Mortgage advance

The money loaned to the buyer, by the lender.