Further advances

Reasons to place business with TMW
Loan purpose
Eligibility (including affordability assessment)
How to apply
Rate switches and further advances

If your client already has a Buy to Let mortgage with The Mortgage Works and wants to borrow more, they could borrow up to 75% of the value of their property (including their current mortgage), for any reason except to raise money for business purposes.

  Reasons to place business with TMW

  • Valuation fees for BTL further advances are 50% of the standard valuation fee, rounded down to the nearest pound. HMO valuation fees for further advances are not reduced.
  • Typically, your client won’t need to provide proof of identification, proof of address or proof of deposit.
  • We pay procuration fees on all further advances, and you can also receive an additional procuration fee for switching your client's existing TMW Buy to Let mortgage.

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  Loan purpose

Your client can borrow more for:

  • Home improvements (to the security address or another property)
  • Debt consolidation
  • Purchase of new property
  • Purchase of land
  • Transfer of equity

If your client is over the age of 70, we’ll only consider applications for essential/structural repairs to the security.


To be eligible for a further advance, your client must:

  • Be a Buy to Let customer
  • Own and let the security property for at least six months
  • Have been making full monthly payments on their mortgage for at least six months
  • Not have been in arrears during the last 12 months, and no more than two months in arrears
  • Intend to borrow at least £2,500

We won’t accept further advance applications in the following circumstances:

  • If your client has a product switch application in progress
  • Capital raising for business purposes
  • Applications with more than two clients
  • Applications where the mortgage is in the name of a limited company
  • Regulated Buy to Let applications

Affordability assessment

To ensure your client can cover the additional monthly mortgage interest payment, we’ll stress the existing loan using either the higher of the existing current product rate/follow on rate plus 2% or 5.50%.

For more information on our rental checks click here.

  How to apply

Applications for further advances are submitted to Full Mortgage Application through TMW Online.

There’s no DIP produced, as the decision is made once the application is received and assessed (including a new valuation and a credit search). Further advance applications are valid for three months from the date of the first offer.

If you wish to provide your client with a KFI, you can request one using our Manual KFI request form.

For more information on the fees your client may have to pay, view our Tariff of Charges.

  Rate switches and further advances

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 loan to value.

If a rate switch is completed first, we're unable to guarantee that a further advance application will be accepted subsequently.