L&Q charcoal textured image on content page header

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 Remortgaging guide (PDF).

We always recommend that you seek financial advice or approach your mortgage lender to discuss your lending options before you submit your request to us.

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.

Learn about how these changes may impact leaseholders living in our apartment blocks.

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.

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, but changing interest rates

We don't normally need to approve this. However, you can email our Homeownership team if in doubt.

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 purchasing more shares or carrying out home improvements or major repairs.

Under no circumstance are you able to use the funds to consolidate your debts.

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

Learn more about home improvements and how to apply.

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 read our Remortgaging and Further Advances checklist (PDF) to make sure you send us the correct documents.

When you're ready, you can email our Homeownership team all the necessary documents.

Once we have all the information to process your application, we'll contact you to collect an administration fee.

View our full list of administration fees (PDF).

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.

Our complete guide to shared ownership

Your L&Q home location:

No location set