Further advances

A further advance is a great way for your client to borrow more against their current property. They can also product transfer at the same time and if there are fees associated they will only pay once. Clients borrowing more should select products from our existing clients range.

 

Please note: Porting, further advances and Transfer of Equity cases cannot be submitted online

How to apply for a residential further advance?

Step 1 - Check affordability or request information

Use our online calculator to check your client/clients affordability.

If you require your clients' mortgage account information prior to submitting an additional borrowing application, we can help with this too. But remember - you'll need your clients permission to request this before calling.

Step 2 – Fully complete and return an amendable application form

Fully complete the Residential additional lending amendable application form by saving this to your PC and keying the information in the required fields. Click on the relevant application type below:

Send your signed and completed application form to us via secure mail intermediaries@thecoventry.co.uk and the case will be processed.

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.

How to apply for a BTL further advance?

Step 1 - Check affordability or request information

Our online Buy to Let calculator is for new applications and re-mortgages only. For porting cases and additional borrowing, please call us to check. When calling, select option 2.

If you require your clients' mortgage account information prior to submitting an additional borrowing application, we can help you with this too. But remember - you'll need your client's permission to request this before calling.

Step 2 – Fully complete and return an amendable application form

Fully complete the BTL additional lending amendable application form by saving this to your PC and keying the information in the required fields. Click on the relevant application type below:

Send your signed and completed application form to us via secure mail intermediaries@thecoventry.co.uk.

Once we've received this we'll produce an illustration and email this back to you and the case will be processed.

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.

How to apply for a Green further advance? 

Step 1 – Check your clients improvements are eligible

See our list of eligible works to make sure your client qualifies for the Green further advance.

Step 3- Submit your clients application with the quote

When you have your client’s quote, email this along with the fully completed Residential or BTL further advance application to intermediaries@thecoventry.co.uk

Product exceptions

Exceptions

If your client is an Interest-only borrower our interactive guide 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 criteria and the product LTV.

Note:

  • Clients with an Offset facility who are looking to borrow more can do so on the same term and product, subject to LTV limits. If they would like an alternative arrangement they will need to complete a Product Transfer.
  • If your client is an existing Godiva Standard Residential customer, and wishes to borrow more, you'll find details of the further advance products available to them in the product pages.

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:

  • Portfolio landlord clients on an existing Flexx for Term product that was applied for before 16th May 2019 can take further borrowing on their existing product or select a product from the portfolio landlord product pages.
  • Clients on an existing Flexx for Term product that was applied for on or after 16th May 2019 can take further borrowing on their existing product. But if they have since become a portfolio landlord they can only take further borrowing on a product from the portfolio landlord product pages.

For more information, please call us on 0800 121 7788 or refer to our Buy to Let product selection guide.

Who can apply for a further advance?

Eligible clients

Existing clients who require a further advance are required to meet current lending policy and must have made a minimum of six month's payments before they are eligible to apply. If the applicant has recently taken a payment holiday this must have ended before the further advance can proceed.
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