As time moves on, plans and dreams change and we recognise that, at some point, you may want to consider taking some additional borrowing on your existing mortgage.

Whether you are considering home improvements, looking at how you can invest to make your property more energy efficient or even buying additional shares in your Shared Ownership property, we are here to help make your dreams become a reality!

By using your own Independent Financial Advisor or our trusted partner, Concept Financial Services, they will be able to provide reliable, comprehensive advice, to see what is possible. 

We have put together some information below to help provide additional support and guidance, as you consider your next steps. Scroll down to see other ways of finding financial advice. 

Alternatively, you can complete our quick enquiry form and Concept Financial Services will be in touch.

Think carefully before securing other debts against your home.

Your home may be repossessed if you do not keep up repayments on your mortgage.

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What is a Further Advance?

A Further Advance is when you take on additional borrowing from your current mortgage lender.

It is typically on a different rate to your main mortgage and you will need to consider what Further Advance products your mortgage lender offers.  

If you aren't sure, it's recommended that you seek advice from a Financial Advisor. Our trusted partner, Concept Financial Services can provide reliable, comprehensive advice. Alternatively, there are links to point you in the right direction displayed at the bottom of this page.

What can I use a Further Advance for?

This can vary, depending on your mortgage lender. At Dudley Building Society, there are a variety of options (subject to your type of mortgage) that can be supported by additional borrowing. These include: 

  • Home improvements, either structural or non-structural
  • Buying items such as a new car, furniture or white goods 
  • Carrying out changes to make your home more energy efficient

In addition, you could: 

  • Purchase additional/final shares for your Shared Ownership property 
  • Purchase land, extending, or separate to, your current security
  • Pay for school fees 
  • Repay secured or unsecured debts

Thinking of something else?  The above are only some examples of ways you could use a Further Advance. Speak to our trusted partner, Concept Financial Services or your own Independent Financial Advisor, for full details of what might be available for you.

Think carefully before securing other debts against your home.

Who can help me obtain a Further Advance?

To ensure you are getting the right advice, a reliable financial advisor will be able to help support you through how you can obtain additional borrowing.  

Our trusted partner, Concept Financial Services, can help you or, if you already have your own Independent Financial Advisor, they will be able to review your current circumstances and can contact us directly for further information.  

Either way, we have products available that can provide additional borrowing on your current mortgage with us and help continue to support your future plans and dreams.

Can I make my home more energy efficient using a Further Advance?

Yes! We have new, dedicated Energy Efficient products, which can help you carry out a range of energy efficient improvements, such as: 

  • Insulation
  • Double glazing
  • Solar panels
  • Window improvements 
  • Boiler upgrades

Improving the energy efficiency of your home will improve your EPC (Energy Performance Certificate), and may lower the cost of your energy bills.

The government offers a free-to-use tool, where you can enter your postcode to see what your property's current EPC rating is, in addition to the energy performance, environmental impact, possible improvements, and estimated potential energy savings.

Find out your EPC rating

If you are interested in improving the energy efficiency of your home you can make an enquiry through our trusted partner, Concept Financial Services or through your own Independent Financial Advisor.  

Further Advance FAQ's
Can I get a Further Advance if I have a guarantor on my mortgage?

Yes, this is possible. You will need to provide consent, in writing, from all guarantors.

Can I get a Further Advance if my property is let?

Yes. Further Advances on properties that are not currently occupied by the borrower/s will be considered. 

Do you offer Second Charge mortgages?

No.  Dudley Building Society does not provide these.

Is a Further Advance different to a Second Charge?

Yes. A Further Advance is additional borrowing on your existing mortgage with your current lender.

A second charge is a separate loan, which can be taken out with a different lender.

Depending on which option you consider, there will be differences in terms of products available, rates charged and potential impacts on future remortgage changes.  It is important to understand how this might affect you, so you should seek independent financial advice. 

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