How to apply for a further advance

If you have a mortgage with us, you may be able to apply for additional borrowing.

We offer two different types of additional borrowing; a ‘cash reserve facility withdrawal’ and a ‘further advance’. You can find out more about making a withdrawal from your cash reserve facility here. If a cash reserve facility was not added to your mortgage at the outset, or if you have withdrawn the full amount already, you may be able to apply for a further advance.

If you choose to apply for a further advance, you will need to take further financial advice. Your home may be revalued, and additional fees may be payable. Your financial adviser will be able to give you further information, and you can view our tariff of Charges here.

To apply for a further advance you will need to seek further financial advice. You can talk to your own financial adviser, or find a financial adviser here.

Your financial adviser will contact us to start the application process. We will send an illustration and an application form to them, and they will talk you through the illustration and help you to fill in the application form. Providing your application is successful we will release the funds directly to you.

A fixed interest rate will be applied to each further advance, based on the prevailing further advance interest rate on the product at the time when you apply. This interest rate may be higher or lower than the interest rate which is applied to your initial advance. Our current additional borrowing interest rates can be found here.

  • The minimum amount that can be taken as a further advance is £4,000
  • If you have an interest paying mortgage and are still making payments, you can choose to make payments on the additional borrowing. Your financial adviser will ask you about this at the beginning of the application process.
  • If you have a flexible repayment mortgage, you can make annual payments on the additional borrowing. This will be confirmed to you in your illustration.

A further advance is not guaranteed, and your eligibility will depend on your property value, the outstanding loan balance, your age and the condition of the property at the time you apply. It is also subject to our Terms & Conditions and lending criteria at the time.

You must remain on your original product with Canada Life. For example, if you currently have an Interest Select Gold product, you cannot move to an Interest Select Platinum product, you must remain within the LTVs available to Interest Select Gold.

Our Customer Services Team will be able to answer any additional questions you may have about additional borrowing.

You can contact us in the following ways:

  • Call: 0800 068 0212
  • Email:
  • Post: Customers Services Team, Canada Life, 110 Cannon Street, London, EC4N 6EU

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Canada Life Limited is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority.

Canada Life International Limited and CLI Institutional Limited are Isle of Man registered companies authorised and regulated by the Isle of Man Financial Services Authority.

Canada Life International Assurance (Ireland) DAC is authorised and regulated by the Central Bank of Ireland.

Stonehaven UK Limited and MGM Advantage Life Limited, trading as Canada Life, are subsidiaries of The Canada Life Group (U.K.) Limited. Stonehaven UK Ltd is authorised and regulated by the Financial Conduct Authority. MGM Advantage Life Limited is authorised and regulated by the Financial Conduct Authority.