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Remortgage (Deed of Postponement)

Remortgaging is the term used for switching your mortgage lender without increasing your borrowing.

If you want to change your main mortgage lender (remortgage) you will require HCA and, if applicable, the Developer Lender consent. There are certain requirements that must be met for your request to be considered:

  • The mortgage term with the new lender must not exceed the unexpired term of your existing mortgage. For example, if remortgaging a 25 year mortgage 5 years into the term, the new mortgage should not exceed 20 years.
  • The new mortgage must be no more than the existing loan with the main lender mortgage. The exception to this is if you are going to use the additional borrowing to repay your equity loan.
Before we are able to confirm consent the following information needs to be sent to us:
  • A copy of the formal mortgage offer from your new lender
  • Details of the solicitor dealing with this remortgage, please complete and return the Solicitor Details Requirements Form, this can be found in the Customer Information Pack
  • A Mortgage Redemption Statement from your current Mortgage Lender
  • A copy of the New Mortgage Lenders Deed of Postponement (DOP)

An administration fee is payable for this service (see tariff of charges). To avoid delays, we suggest you contact us to make payment when you forward the information above.

Once the documentation is provided and the remortgage approved, we will provide a Guidance Pack to your solicitor who will process the required deeds for your transaction.

Please note: You must inform the new lender of your existing equity loan. If the product you have is called Home Buy Direct or First Buy, your mortgage account will be made up of two loans, an HCA loan and a Developer Lender Loan.

We suggest that you should seek independent legal and/or financial advice before remortgaging.