Remortgaging your home
When it comes to the time to remortgage your home, we, as the landlord, will need to provide written consent to both yourself and mortgage lender for your latest offer.
Want to remortgage? What's next?
Step One
Contact us
Once it is time to remortgage your home and you have received your updated offer from your mortgage lender that you are happy with, contact us with the information and request for approval to remortgage on [email protected].
You will need to supply us with:
- Redemption statement of your current mortgage
- Offer details of your new mortgage
- Completed application form - Download here
You will require our written consent prior to the remortgage being completed. View all information here.
Step Two
Review the costs
As with any legal transaction, there will be costs involved that you must consider before starting the process.
The costs involved:
- Your solicitor’s fees if you are changing lender
- Mortgage broker fees if you are using a mortgage broker
- Admin fee for heylo = £150 + VAT
Step Three
Approval granted
Once you have provided the required information and we are happy with the remortgage terms, we will provide written consent which your lender will require. From there your lender and solicitor will complete the process.
Step Four
Solicitor for new lender
When the process has been completed by the solicitor of your new lender, they will be required to provide us with a Notice of Charge which we sign and return once you have paid the admin fee.
Guidelines for remortgage approvals
We have standard parameters that we will provide approval to proceed for. However, in the instance that the remortgage is outside of these, we will need to review further. The standard parameters are:
Increase in borrowed amount
Up to 105% of the redemption figure of the current mortgage:
e.g If the redemption figure on your current mortgage is £100,000 then we will approve additional borrowing up to a total of £105,000
Increase in mortgage term
Maximum of 5 year extension to the original mortgage term remaining:
e.g If the original mortgage was for 35 years and there are 32 years remaining we will approve a new mortgage term up to a maximum of 37 years.
I would like to start the process of remortgaging
*The data protection laws protect your rights when organisations hold or process personal information about you. heylo housing group collects personal information about you that you submit via this website. heylo housing group will hold and process personal information that you have provided or will provide in the future to perform the functions of heylo housing group. heylo housing group relies on the ability to collect and process your personal information that you submit via the website in order that heylo housing group can support you in your property search. heylo housing group are required to keep this information secure and to process it in accordance with the data protection laws. heylo housing group may share your information with third parties in relation to the administration of your application and contractual arrangements, including professional advisers, property vendors and other agencies supporting heylo housing group for the purposes of assisting you in your property search and other service providers.
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