Repaying your equity loan

We recommend speaking to an independent financial advisor to check whether repayment is affordable and right for you.

View our list of mortgage consultants

You need to get your home valued by a surveyor who is registered with RICS. 

You can use one of our recommended independent surveyors at discounted rates or choose your own surveyor, as long as they meet our criteria.

View our list of surveyors

Instructing your own surveyor

If you’d prefer, you can use your own independent surveyor instead of choosing one from our panel.

To make sure the valuation is valid, your surveyor must meet certain requirements and include specific details in their report.

Your surveyor must be:

• independent (not linked to an estate agent, lender or bank, and not related to you)
• registered with RICS or FRICS

Your valuation report must: 

• be valid for three months (you’ll need an extension if the process takes longer)
• include at least three comparable sales from the last three to six months*
• confirm that we can rely on its contents
• separate general decoration and maintenance from home improvements** 
• provide a value assuming your home has been maintained to a good standard (as required by your lease)

*Surveyors on our panel also have access to our staircasing and resale valuations. If your surveyor is external, we recommend they email us for this information.

**Improvements like new kitchens or bathrooms don’t always add the same value as the cost of the work. Your surveyor will explain how this is reflected in their valuation. 

Once the survey has taken place, you’ll need to send us a copy of your:

• RICS valuation report
• original loan agreement

We aim to answer any questions about the process and open your case within 10 working days.

Send us your documents by email

If you’ve made home improvements

You'll also need to sign in to your L&Q online account and complete our Home Improvements application form.

Sign in or register

Or, download the Home Improvement application form (PDF), fill it in and email it back to us. 

We’ll review your documents and contact you to pay our admin fee.

You’ll then need to call us on 0208 189 7465 (option 1, then option 2) to pay by card.

View our list of admin fees

Once you’ve paid the fee, we’ll email you:

• a confirmation letter showing the amount to repay
• an Equity Loan Repayment Confirmation form

You need to complete the form to confirm how you would like to proceed and your solicitor’s details.

You can use your own solicitor, or we have a panel of conveyancing solicitors who are experts in shared ownership.

View our list of conveyancing solicitors

If you are a MyChoiceHomebuy customer

You also need to confirm whether you're repaying in full or part.

If we don’t receive a response from you within 10 working days

We’ll send you a reminder about the form. Once the valuation expires, if we still have not heard from you, we will close the file. 

Once we’ve got everything, we'll contact your solicitor with the repayment amount and our bank details.

We’ll also handle any remaining paperwork, including interest updates if you’re repaying part of a MyChoiceHomeBuy loan.

Your solicitor transfers the money to us.

If you’re repaying in full

We’ll issue a DS1 form, which removes the legal charge.

Important: Your solicitor must register this form at Land Registry.

If you’re making a partial repayment (MyChoiceHomeBuy)

We’ll issue a Memorandum of Staircasing – signed by you and us.