Remortgage

• Permitted on properties which have not been subject to sale or remortgage in the preceding six months with the following exceptions:
  • Inherited properties
  • Self-build properties
  • Properties to be renovated
• Loan purposes considered:
  • £ for £ remortgage
  • Capital raising for home Improvements
  • Capital raising to purchase a second home or Buy to Let*
  • Capital raising for debt consolidation up to 75% LTV**

*Where funds are being used to purchase another property, we will release the funds to the solicitor and evidence of the purchase will be required before release of funds.

** Where a loan is advanced that consolidates other debts, payment will be made directly to the borrower’s creditors to ensure that commitments are repaid.
Where the debt consolidation is greater than 50% of the mortgage, this will need to be referred to us for consideration.

• Where funds are being raised in addition to any loan being remortgaged and those funds are more than 10% or more of the value of the property, additional checks will be carried out to verify the purpose of that borrowing
• Where a loan is made for home improvements exceeding £10,000, the details of those home improvements will be verified
• Loans to raise capital for purposes, other than for home improvement and debt consolidation (e.g. cars, caravans, school fees) may be considered subject to the term of the loan being in line with the expected life of the asset
• The following types of loan will not be considered:
  • Loans to repay gambling debts
  • Loans for holidays
  • Loans for business purposes
  • Loans for wedding expenses