How to remortgage your Help to Buy home without borrowing more money
When you need permission to remortgage, what documents you바카라 사이트檒l need and how to apply.
Applies to England
Making changes to your equity loan
Before you make any changes to your equity loan or mortgage, you need to understand how those changes may affect you. You should think about getting independent financial and legal advice.
You need to keep paying your management fee and monthly interest (if this is due) until you repay your equity loan in full.
You바카라 사이트檒l need to settle any outstanding payments, or ask our Customer Service team to set up a payment plan, before we can continue with your request.
Remortgaging with your current lender
If you바카라 사이트檇 like to stay with your current lender and remortgage without borrowing more, you don바카라 사이트檛 have to contact us or apply to remortgage, but check with your current lender if you need a Deed of Postponement.
A Deed of Postponement is a legal agreement between the first charge mortgage lender (your repayment mortgage lender) and the second charge mortgage lender (us).
There is a different application if you want to聽apply to remortgage and borrow more money.
If you바카라 사이트檙e changing lender, you need to apply to us first
If you want to remortgage with a new lender (without borrowing more), you need to apply for our permission. This is because we will need to complete a Deed of Postponement.
You바카라 사이트檒l need to pay an admin fee of 拢115 to apply to remortgage with a new lender. If you get our permission, it바카라 사이트檚 valid for 6 months.
There is a different application if you want to apply to remortgage and borrow more money.
Negative equity
You are in negative equity when your home바카라 사이트檚 current value is less than the total of what you owe on your repayment mortgage and equity loan (and any other secured charges).
If you바카라 사이트檙e in negative equity, please contact us to discuss your options.
How to apply for permission to change lender
Follow these steps to get your application ready.
1. Get a repayment mortgage redemption statement
Contact your current mortgage lender to get a redemption (or repayment) statement. This confirms the total amount you need to repay.
We need to check this to make sure you바카라 사이트檙e not borrowing more when you remortgage.
The statement must be less than 12 working days old when you send it to us. If it바카라 사이트檚 older than this, you바카라 사이트檒l have to get a new one.
2. Get your mortgage offers
We바카라 사이트檒l need to check your new mortgage offer.
Contact your new lender for a copy of your new mortgage offer.
3. Get a breakdown of your lender바카라 사이트檚 charges
Your current or new mortgage lender may charge you fees to remortgage and move to a different product or rate.
Ask for a breakdown of their fees, and check that they바카라 사이트檙e not more than 拢2000.
If they are, you may not be able to remortgage with this lender. Contact our Customer Service team to check.
4. Find a conveyancer
We바카라 사이트檒l need your conveyancer바카라 사이트檚 contact details on the application form.
You can either:
- find a conveyancer聽on the聽聽or the聽.
- ask your lender if they can instruct their own solicitor to act for both of you
5. Pay any arrears
If you바카라 사이트檙e behind with your equity loan payments, you cannot remortgage.
Make sure you pay everything you owe on your equity loan, or contact us on the details below to set up a payment plan.
After you apply, you바카라 사이트檒l also need to pay an administration fee of 拢115 to remortgage with a new lender.
6. Complete the application form and send us your paperwork
Complete the application form, and send your documents to us by email or post.
You can find our contact details at the end of this guide.
7. Pay the administration fee
After you바카라 사이트檝e sent your application form and documents, you바카라 사이트檒l need to pay us a 拢115 admin fee.
You can pay this by:
- bank transfer
- online at the link we send you
- debit card by calling 0300 123 4123
- cheque
If you pay by bank transfer, you must tell us by email or phone so we can confirm it on your customer file.
If we have your mobile number, we바카라 사이트檒l send you an SMS text message from 바카라 사이트楬elptoBuy바카라 사이트� with a unique link to HelptoBuy.paythru.com. The link works for 4 days from when we send it. We only use this payment method for your admin fee.
We cannot progress your application until we바카라 사이트檝e received this payment.
Payment details
Bank name:
Lloyds Bank PLC
Account name:
EQGATEWAY RE HE HELP TO BUY ADMIN
Sort code:
30-80-12
Account number:
24501860
Reference:
Your customer account number or first line of your address and postcode
8: Getting a decision
When we have received all your documents, we바카라 사이트檒l contact you with a decision by email or post.
If your application is accepted, we바카라 사이트檒l issue an Authority to Proceed (ATP). This is valid for 6 months from the date we issue it. If you do not complete your remortgage within 6 months, you may have to repeat the application process.
If your application is declined, we바카라 사이트檒l contact you by phone or email explaining the decision.
Complete the remortgaging process
Your conveyancer completes the remortgage process
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If your application is accepted, we send your conveyancer an 바카라 사이트楢uthority to Proceed바카라 사이트� document, along with other documents they need to complete to progress your remortgage.
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Your conveyancer prepares a Deed of Postponement, which we need to agree to, along with your mortgage lender. This is a legal document that ensures your new repayment mortgage is the first charge on your home. Your equity loan is the second charge on your home.
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We바카라 사이트檒l check the Deed of Postponement, send it back to your conveyancer so that they can complete the remortgage.
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Within 5 working days of completing, your conveyancer sends us written notification that the remortgage has completed, and a certified copy of the Deed of Postponement. We바카라 사이트檒l record the new mortgage details on your Help to Buy account.
Customer Service team
Email:
customerservices@myhelptobuyloan.co.uk
Post:
Help to Buy customer services, PO Box 5262, Lancing, BN99 9HE
Phone:
0300 123 4123
When emailing our Customer Service team, please include your account number and a brief summary of your query in your email subject line, for example, 바카라 사이트楻emortgage바카라 사이트�.
Our Customer Service team is available Monday to Friday, 8am-8pm and Saturday, 9am-1pm (excluding UK public holidays).
Your feedback matters
Please聽, it will only take a few minutes.
Updates to this page
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Updated to make the separation between Homes England and the equity loan administrator clearer.
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First published.