Remortgaging

We can help with remortgaging

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.

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 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.

Re-mortgaging your home

Re-mortgaging your home

How much can I borrow against the value of my home?

This depends on the type of tenure you have with us:

Shared Ownership

We do not permit any additional borrowing, i.e. you can not borrow any more than your original share price.

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.

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. Contact our resident sales team for more details

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.

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. Contact our resident sales team for more details.



Contact us about remortgaging

If you wish to proceed the process is fairly straightforward. You should send us all the information we need to process your request, along with the relevant administration fees.

We aim to give you a decision within five working days of receipt of all the necessary information.

For more information about how to re-mortgage, contact a member of our team at leaseholdteam@peabody.org.uk

Mortgage Advisers and Solicitors

When you buy a Shared Ownership home, you will need to speak to a Mortgage Adviser and appoint a Solicitor preferably with Shared Ownership experience.