Remortgaging and further advances
Guidance for when you're thinking about changing mortgage provider or borrowing more money and we have a financial interest in your home. This includes what you need to tell us when you’re applying for a remortgage, further advance or both.
The difference between remortgaging and further advance
Remortgaging is moving from your existing lender to another lender, but without increasing your borrowing.
Further advance is staying with the same lender but borrowing an extra amount.
Remortgaging and further advance is changing lenders and borrowing an extra amount.
Help with remortgaging and further advance
To help you decide what's right for you, we've produced a guide to remortgaging:
We also recommend that you seek financial advice or approach your mortgage lender to discuss your lending options before you submit your request to us.
Remortgaging, staircasing or selling your home if you live in our apartment blocks
Some residents and homeowners in our apartment blocks may experience issues securing mortgages because of changes in building safety advice.
To find out more about these changes, please visit our mortgage advice for leaseholders living in our apartment blocks page.
We also recommend that you speak to your lender or mortgage broker before applying to ensure you do not incur any unnecessary valuation or solicitors' costs.
Remortgaging: what you need to tell us
If you're applying to remortgage, we need you to send us:
- a copy of your mortgage offer from your proposed new lender
- written confirmation of the current value of your home from your new lender (you can usually get this from the mortgage offer)
- written confirmation from your current lender confirming the outstanding balance (also known as a redemption statement)
- a written explanation from you telling us why you want to change your lender
If you’re staying with the same lender and just changing interest rates, we don't normally need to approve this. If in doubt, please get in touch for more information.
Further advance: what you need to tell us
If you're applying for a further advance, we need you to send us:
- a copy of the offer from your lender confirming how much you want to borrow
- written confirmation of the current value of your home from your lender (you can usually get this from the further advance)
- written confirmation from your lender confirming the current outstanding mortgage
- a written explanation from you telling us why you want to increase your borrowing and details of any home improvements you plan to make, together with quotes, invoices or receipts for the work being carried out
You may only apply for a further advance if you're purchasing more shares or carrying out home improvements or major repairs.
To find out more about improving your home, please visit our home improvements and alterations page.
Under no circumstance are you able to use the funds to consolidate your debts.
Remortgaging and further advance: what you need to tell us
If you're applying to remortgage and further advance, we need you to send us:
- a copy of your mortgage offer from your proposed new lender
- written confirmation of the current value of your home from your new lender (you can usually get this from the mortgage offer)
- written confirmation from your current lender confirming how much is outstanding on your mortgage
- a written explanation from you telling us why you want to increase your borrowing and details of any home improvements you plan to make, together with quotes, invoices or receipts for the work being carried out
To find out more about improving your home and how to apply, please visit our home improvements and alterations page.
What to do when you're ready to proceed
It's important that you send us all the information we need to process your request. You can refer to our checklist to make sure you send us the correct documents:
When you're ready, please email our Homeownership team all the necessary documents.
Once we have all the information to process your application, we'll contact you within five working days to collect an administration fee.
To see the full list of our administration fees, please read:
If you're an Equity Loan or MyChoiceHomeBuy customer, we'll need to arrange for a deed to be sealed which will postpone our charge in favour of your new lender. Arranging this normally adds a few more days to the process.
Once we've approved your application, we’ll let your lender know and they should be able to answer any other questions you have.
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