Remortgaging - FAQs

How much could I borrow?

We'll only lend you a certain percentage of the property valuation. You may not need to pay a deposit and you may be able to borrow more than you currently owe. This will depend on the property valuation and how much you owe on your current mortgage, as well as how much we think you can afford to borrow.

Can I ask to borrow more, if I need to?

Yes, you can ask to borrow more for home improvements, as an example, or another important purchase. Or, if you're looking to save on your monthly payments or the total cost of borrowing, you could combine your existing debts, like credit cards and loans into one easy-to-manage monthly payment. If you’ve already borrowed against your mortgage to combine your existing debts within the last 5 years, we won't be able to offer extra borrowing to pay off your debts again.

Before we give you an answer we'll need to find out how much equity you have in your home and look at your other outgoings. You should consider your other options before you borrow any extra money against your home. It will increase your total mortgage debt and your home could be at risk if you fall behind on your payments. If you are looking to combine your existing debts, we can help you to decide whether adding them onto your mortgage is appropriate for you.

What types of properties will you lend on?

We'll consider lending you money for different types of property in the UK. Any loan we make will be subject to a satisfactory property assessment.

Is there a minimum property value?

While we'll consider many types of property, we've a responsibility to ensure that a property is suitable security for a mortgage. As a result, we'll not lend against properties where the valuation is below £40,000.

What are my options when applying for a mortgage?

You can see our mortgage rates and build the right deal for you online by telling us a little bit about you, your mortgage and what’s important to you. Once you’re done, you can start your full mortgage application online, in branch or over the phone. The same deals will be available no matter how you apply.

Applying by phone or in branch

You can apply by contacting us. You'll receive advice from one of our qualified mortgage advisers. They'll ask about your needs and circumstances and then recommend our most suitable mortgage for you. They'll discuss the next steps in the application process and answer any queries you may have.

Applying online

If you apply online, you’ll have to make your own choice about the most suitable mortgage for you. By applying online, you’re making the decision not to receive any advice from one of our qualified mortgage advisers. At the start of your application we'll ask some questions to confirm that you're eligible to proceed online.

If you start your application online, you can change your mind at any time and receive advice from one of our mortgage advisers in branch or over the phone.

What will I need for the mortgage application?

We'll ask for the following details about you and anyone else who will be named on the mortgage:

• Personal details including name, address, date of birth and contact details
• Employment details
• Financial details including income, bonuses, overtime, commitments and monthly expenditure
• Retirement plans.

We'll also need:

• Details of the property to be mortgaged including the year the property was built and the construction type
• Your existing mortgage lender details and your current mortgage balance
• Documents to confirm what you've told us.

What is an Agreement in Principle and do I need one?

An Agreement in Principle (AIP), also known as a 'Decision in Principle' or 'Mortgage Promise', is something you would usually need to complete when applying for a new mortgage, but when you apply for a remortgage with us you do not need to do an AIP. If you want personal reassurance with what we can lend to you, then you can apply for an AIP and it will have no effect on your credit rating.

If you do decide to complete an AIP, all we need is a few personal details about you and anyone else who will be named on the mortgage. Then we’ll contact a credit reference agency for a credit search and give you a credit score. If you reach our pass mark, we’ll confirm that we could offer you a mortgage (subject to you completing a full mortgage application).

A mortgage offer is issued by a lender once your mortgage application has been received and the necessary checks, such as the property valuation and confirmation of your details, have been carried out. It sets out the terms under which the lender is prepared to offer you a loan.

If you don’t want to do an AIP, you can see our mortgage rates and build the right deal for you online by telling us a little bit about you, your mortgage and what’s important to you. Once you’re done, you can get some advice from us by calling us on 0345 850 3705, booking an appointment in branch, or continuing your application online by yourself.

How long will it take to move my mortgage to you?

It can take about 4 to 8 weeks to complete a remortgage. However there are a number of steps involved and it all depends on how long each step takes, which can vary depending on your own personal circumstances.

Steps to remortgaging

You'll need to:

• See our rates. Just tell us a bit about you and your mortgage.
• Build your perfect mortgage. Let's build the right deal for you by seeing what's important to you.
• You're all done. Get some advice from us or continue online by yourself.

Do I need to arrange a solicitor / conveyancer for a remortgage?

Remortgages come with our Remortgage Service. We won't charge you for the property assessment and we'll pay our own legal fees - you must pay for any legal advice or additional services required. If you apply online you'll need to confirm you're happy to use this service. If you apply over the phone or in branch, if you do not wish to use our Remortgage Service and would prefer to instruct your own conveyancer to deal with your remortgage, you must arrange and pay for these services yourself.

What insurance will I need?

It's a requirement of your mortgage to have buildings insurance. This covers the bricks and mortar, fixtures and fittings. It's also a good idea to take out contents insurance as well - this protects all your possessions in your home, from furniture to jewellery.

You may want to look into insurance to protect your mortgage for example Life Cover and Critical Illness Cover.

Will I be charged any fees?

This will depend on the mortgage product, there may be a product fee to pay and early repayment charges if you repay early. Any product fees can be added on to your mortgage on completion. There could be other charges and standard costs which you may have to pay during the course of setting up your mortgage. You'll be charged interest on any fees, charges and standard costs added to your loan.

What happens at the end of my mortgage deal?

When you take out your mortgage, you arrange to have a fixed or variable rate product for a period of time. At the end of this time, the product will end and your loan will usually be transferred to one of our Lender Variable Rates. At this point, you may choose to move it to a new product for a further period of time.

What happens if I want to move home in the middle of my mortgage deal?

It's sometimes possible to take a product rate with you to a new mortgage on a different property - we sometimes call this 'porting‘. Your Mortgage Illustration and offer letter will say if any of your products are portable.