Halifax has cut minimum further advance loan amounts to £5,000 from £10,000 for existing mortgage customers.
The lender says the move provides, “more choices for borrowing smaller amounts and supports customers looking for lower cost retrofit measures to improve the energy efficiency of their property”.
This change only applies to applications made through brokers.
The mutual adds that it will also accept non-sterling income on further advance applications.
Non-sterling income can be accepted on a further advance, or product transfer application where a full affordability assessment is required.
The original mortgage application did not need to include non-sterling income for it to be used on the new application.
The lender says minimum further advance loan sizes for applications made to its direct channel remains £10,000.
But it adds: “We will apply this change to direct applications very soon, but for now the change applies only to intermediary further advance applications.”
