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Remortgaging and further advances

Changing your lender, borrowing more money or doing both

As we have a financial interest in your home, it is important that we are aware of and agree to any changes in your lender or an increase in how much you are borrowing.

Here we outline our procedures and conditions for customers who want to do this. There are three possible things you may want to do:

  • Remortgage (moving from your existing lender to another lender, but without increasing your borrowing)
  • Further Advance (staying with the same lender but borrowing an extra amount)
  • Remortgage and Further Advance (changing lender and borrowing an extra amount)

Once you've carefully considered and decided what you would like to do, we recommend that you seek financial advice or approach your mortgage lender to discuss your lending options.

Remortgage

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 are staying with the same lender and just changing interest rates, we don't normally need to approve this. If in doubt, please contact us to discuss this further.

Further advance

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 giving 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 further advances if you're purchasing more shares or carrying out home improvements or major repairs. We will need invoices, receipts or quotes for the proposed work.

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

Remortgage and further advance

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 giving details of any home improvements you plan to make, together with quotes, invoices or receipts for the work being carried out

You will need to pay an administration charge for remortgaging and borrowing additional monies or a combination of the two.

You're ready to go ahead

It's important that you send us all the information we need to process your request. Please use our remortgaging and further advances checklist to make sure you send us the correct documents.

We're only able to process your application once we've received all of the required information.

  • Have you enclosed a copy of your remortgage or further advance offer?
  • Do your documents include a current value of your property?
  • Have you enclosed confirmation of the existing balance outstanding on your mortgage (redemption statement)?
  • Have you provided written confirmation for why you are applying to remortgage or for a further advance? (If you are borrowing money for home improvements, we will need quotes and details of the work to be carried out.
  • Have you included your administration fee?

When you're ready, please send the documents to us by email at remortgaging&Fa@lqgroup.org.uk.

Once we have all the information we need, we'll give you a decision within five working days. If your application is successful, we'll let you and your lender know.

If you're an Equity Loan or MyChoice HomeBuy customer, we'll have to arrange for a deed to be sealed which will postpone our charge in favour of your new lender. Arranging this will add a few days to the process.

Once we've approved your application, your lender will be able to deal with any other questions you have. 

Useful documents

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Remortgaging and further advances checklist
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L&Q's homeowner administration fees
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