The Process Explained

If you want to staircase you will need to put your request in writing.  Within 5 working days we will send out an information pack requesting a basic valuation carried by a member of the Registered Institute of Chartered Surveying (RICS).  Please note: if you are looking to finance a part repayment of the loan by taking out further borrowing you will need to follow the further borrowing procedure as well.

Once we have received this valuation we will assess it and write to you within 5 working days.  If we are happy that it reflects the true value of your property we will write to you confirming how much your FTBI loan is now worth.  As the FTBI loan is calculated as a percentage of the property the value of the FTBI loan fluctuates with the value of the property.  As well as confirming the value of the loan we will also request your solicitor’s details and the % you wish to staircase.

If the valuation is not approved by us you may have to get another valuation carried out at their own expense.

Once you provide us with the solicitor’s details and the % you wish to staircase we will send a letter of confirmation to your solicitor with details of the repayment amount and percentage being staircased, along with account details of where the repayment amount should be sent.  In addition it confirms to the solicitor what they must do to complete the transaction.  To keep you informed you will receive a copy of any correspondence to sent to your solicitor.

Once completion has taken place, we we will expect to receive confirmation of completion from solicitors along with either the DS1 form or memorandum of staircasing.  The DS1 form or memorandum of staircasing will then be signed and sealed and sent back to your solicitor.  Your solicitor will then register this at the Land Registry to either reduce the FTBI loan or, if staircasing to 100%, remove the FTBI loan.

We will confirm in writing to you that the staircasing transaction is completed and if you are currently paying a monthly fee we will send confirmation of your new monthly amount.