Remortgaging and further advances
Important: If you live in our apartment blocks
Some lenders may require an EWS1 form before approving a mortgage. This can affect your ability to remortgage, so check with your lender or broker before paying for valuation or solicitor fees.
Learn more about how this might affect leaseholders in flats.
If you want to change your mortgage provider or borrow more money – and we still have a financial interest in your home – there are a few things you’ll need to do.
This guide explains the process, the documents we’ll need, and what to expect.
What's the difference?
- Remortgaging: Switching to a new lender or moving to a different rate with your existing lender
- Remortgage with further advance: Changing lenders and borrowing more at the same time
Further advances (also called additional borrowing) can only be used for:
- home alterations
- buying more shares in your home (staircasing)
- a transfer of ownership (for example, after a relationship breakdown)
You cannot use a further advance to pay off debts.
Before you start
We recommend speaking to a mortgage adviser or your current lender to understand your options and avoid unnecessary costs.
All arrears on the account must be paid before the transaction completes.
Shared owners, equity loan customers, and former Right to Buy/Acquire tenants (within the first five years) must get our approval before completing a remortgage or further advance – unless you're staying with the same lender who does not require our consent.
Outright leaseholders don't usually need our approval, but your solicitor must send a Notice of Charge to our Homeownership Completions team.
Remortgaging
If you’re staying with the same lender and only changing the interest rate or term, you don’t usually need our consent – unless your lender requests it.
We’ll provide our consent within 10 working days of your request.
Remortgaging with further advance
There are four steps to follow if you’re switching to a new lender and borrowing more money:
- Step one: Send us your documents
We’ll need:
- a copy of the new mortgage offer
- written confirmation from your current lender showing how much you still owe (a redemption statement)
- a completed Home Improvements application form (PDF), detailing the improvements you plan to make, as well as any quotes, invoices or receipts
Send us your documents by email
If you are a shared owner
You must get our prior consent to carry out home improvements.
If you are an Equity Loan customer
You do not require our approval to carry out home improvements.
- Step two: We'll check your documents and advise how much you can borrow
We’ll make sure:
- all owners have signed the application form
- the mortgage expiry date the loan amount is noted within the offer
- the redemption statement is valid and dated within the last three months
- any home improvement works have been approved (if required)
- the further advance amount matches the quotes provided
We’ll then let you know the maximum amount you can borrow.
If your home’s value has dropped or you’ve missed mortgage payments, the maximum borrowing we can approve is 80% of the current value of your share.
If the further advance exceeds the maximum amount permitted
You’ll need to contact your lender to amend your mortgage offer.
We’ll then request payment once we’ve received the revised offer and reviewed your documents.
If the further advance does not exceed the maximum amount permitted
We’ll review your documents and request payment.
- Step three: Pay our admin fee
You’ll need to pay:
- our administration fee
- any legal costs associated with your application
Payments are taken by card over the phone on 0208 189 7465 (option 1, then option 2).
Once we’ve received payment for the admin fee, we’ll email you and your lender our written consent.
- Step four: Final steps
Your lender or solicitor will ask us to provide one of the following documents:
- a Mortgage Undertaking/Letter of Approval (for shared owners)
- a Deed of Postponement (for equity loan customers or former RTB/RTA homeowners in the five-year discount period)
These documents can take up to five working days to prepare and must be signed by an authorised signatory.
After you've completed our remortgaging with further advance process
Your solicitor must send the Notice of Charge to our Homeownership Completions team.
Help and support
We know dealing with mortgages can be stressful. If you're not sure where to start, our Remortgaging and Further Advance team is here to help.
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