Remortgaging your home
If you’re coming to the end of your mortgage arrangement, you might want to start looking for another deal. This is called remortgaging.
If you are remortgaging borrowing more money against your home, you must let us know.
Remortgaging is the process of switching your current mortgage to a new deal, using your home as security. You can remortgage with your current lender or find a new one. When you remortgage your home, you might decide to borrow more money secured to your home. This is also known as releasing equity or getting a further advance.
You can also explore the option with your current lender to be moved to a new fixed rate without changing any other conditions to your loan. This is not a remortgage, and your lender will contact us directly.
How do I remortgage?
Remortgaging your home is simple.
First, you will need to find a new deal that is affordable for you. You can do this by instructing a Mortgage Broker or researching yourself. We always recommend seeking independent mortgage or financial advice before taking out a new mortgage.
When you have chosen your lender, you or your Mortgage Broker can submit your mortgage application.
You should then let us know that you wish to remortgage your home by contacting our Homeownership Team by email. You can do this by clicking the button below.
You or your lenders solicitor should then send us a copy of your mortgage offer, with a redemption statement for your current mortgage. This will need to be approved by bpha before your remortgage can complete.
What is a Further advance?
Further advance, or releasing equity, means applying for a mortgage amount that is higher than your current mortgage. This is only allowed for specific circumstances, such as:
- Buying more shares in your home
- Buying out a joint owner of your home
- To comply with terms of the lease, such as maintaining and repairing the home.
Your reason for releasing equity will decide the process that we need to start with you before applying. We recommend you get in touch with us to check that your reason for extra borrowing is allowed, before you start the remortgaging process.
Independent mortgage advisors and fees
You must make sure you can afford the repayments. We have a friendly panel of independent mortgage advisors who can help.
Expert Financial
01480 718719 (option 4)
Metro Finance
0203 930847
Censeo Financial
02070 907290 (option 2)
There are fees when you remortgage which can include:
- Mortgage Arrangement costs
- Valuation fees
- Solicitors (to act for you and your lender)
- Legal administration fees
Get in touch
For any questions you have about buying more shares in your home, please contact our Homeownership Team who will be happy to help you.
- Call us on 01234 674070 (9am to 5pm, Monday to Friday, exc. Bank holidays)
- Email us [email protected]
