Remortgaging your home
When you originally bought your home, you may have financed the purchase with the help of a mortgage.
Your financial situation may have changed and, as such, most people regularly review their finances with the help and support of a mortgage advisor or their mortgage provider.
We can help with remortgaging
There are lots of mortgage deals available and we are aware that our customers want to take advantage of them. As we have a financial interest in your home it is important that we are aware of and agree to any changes to your lender or any increase in how much you are borrowing.
In some circumstances this can involve adding or removing someone from the mortgage and lease. This is known as a deed of transfer or transfer of equity. This will require legal advice as it involves a change to your lease.
Once you have carefully considered your options and decided what you would like to do, you should consult your mortgage lender or a mortgage adviser to discuss your lending needs. Peabody New Homes work with a panel of mortgage advisers and solicitors and we are happy to pass their details on to you if you would like this help.
What we need you to provide
To approve a re-mortgage or further advance we will require you to provide us with the following:
- A copy of your mortgage offer from your proposed new lender
- Written confirmation from your existing lender of the outstanding balance (lenders sometimes refer to this as the redemption statement)
- A short written explanation from you advising us why you want to change lender (if applicable)
- A cheque to Peabody for the administration work involved
If you own a share in the property, you must not exceed the current Housing Options household income requirement if you add a person to the mortgage and property.
Contact the team on Homeownership.Approvals@peabody.org.uk
What are the likely costs involved?
The charges will vary according to the reasons for your remortgage and the notices that need to be registered against your property.
- Administration fee - Payable for all remortgages and further advances.
- Notice of charge - Payable if you are changing lender.
- Notice of transfer - Payable if a person is added or removed from your mortgage / lease.
In some circumstances, we may have concerns about a part of your application, and choose to contact our solicitors for their advice. We’ll let you know if we decide to do this and advise you of any potential cost to yourselves.
Your lender may charge fees for dealing with your mortgage application. You should contact them direct or via your mortgage advisor for details of their fees. You may have legal expenses in certain transactions.
Contact the team on Homeownership.Approvals@peabody.org.uk
Search New Peabody Homes
At Peabody, we have a number of homes available to buy with Shared Ownership or Private Sale throughout London. Use our property search to discover a home for you and to register your interest.
Find out more from Peabody New Homes
Should you use a Broker to get a Mortgage?
Fewer banks, a growing loss of faith in banks’ ability to give sound advice and more complex mortgage rules mean that just over 60% home loans are now taken out through a broker.
Mortgage Advisers and Solicitors
When you buy a Shared Ownership home, you will need to speak to a Mortgage Adviser and appoint a Solicitor or Conveyancer preferably with Shared Ownership experience.
Lease and lease extensions
When purchasing a property, you will sign a lease which states your rights and responsibilities as a leaseholder. You can also request to extend your lease.