Avant Money has recently announced the launch of a new Top Up mortgage product for new and existing customers. This new product enhances the lender's mortgage equity release range, with options now available for mortgage customers to borrow more. The Top Up product is available for applications from 20 February 2024.

What is a Mortgage Top Up?

A mortgage top up refers to re-mortgaging your home for more than your current outstanding mortgage to enable you to access the amount you have 'topped up' to finance your home improvements. A mortgage top up is best suited to homeowners who have built up some equity in their property.

How Does the Avant Money Mortgage Top Up Product Work?

• If the balance of your current mortgage is less than the value of your home, you may be able to use this equity to borrow an additional mortgage sum to pay for home improvements. The home improvements can be anything from updating your kitchen to upgrading your home's energy efficiency.

• The maximum you can borrow is 70% of the value of your home, and the minimum you can borrow is €75,000. This is also dependent on what you can afford to repay.

• The rates available for the top up are the same as their standard mortgage range, which means Top Up customers can choose any product from the 3 Year Fixed option to the One Mortgage product which is fixed for the full term of the loan.

• You can choose a repayment term from 5 years to 35 years but no longer than the remaining term of your existing mortgage.

How do I Apply?

Before applying for a mortgage top up, it is important that you seek advice from a trusted mortgage broker. At Which Mortgage we will take the time to explore different options offered by different lenders, taking into consideration factors such as interest rates and repayment terms, to ensure that you find the mortgage top up that offers the best value for your specific needs and circumstances.

Contact us today and we will support you in making the best choice for you.