FAQs

When it comes to mortgages, there can be lots to think about. That’s why we’ve pulled together a list of our most frequently asked questions, to help you stay on top of things.

 

Brexit

  • How will Brexit affect my mortgage?

    We do not expect there to be any impact on your existing mortgage as a result of Brexit, and it will continue to operate as normal.

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Borrowing more

  • How much extra can I borrow?

    You can borrow between £5,000 and £500,000 extra, subject to our lending criteria.

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  • How long can I borrow the money for?

    You can borrow the money for any term up to 35 years (subject to current lending criteria). The minimum term for the extra borrowing is 2 years.

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  • Will I have to get my property revalued?

    Yes, in most cases we’ll need a valuation of your home and you’ll be charged a fee for this. Take a look at our Tariff of mortgage charges for more details. In some cases we may not need to revalue your home, although this is subject to our lending criteria.

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  • Will I be credit scored when I apply to borrow more?

    Yes, we’ll need to credit score all parties listed on the mortgage as part of the underwriting process.

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  • Are there any restrictions on what I can borrow the money for?

    You can borrow up to 90% Loan to Value for a variety of reasons, such as home improvements. However, we do have some restrictions.

    For example, you can only borrow up to 75% Loan to Value (LTV) for debt consolidation and can’t borrow more for business reasons or speculative lending (such as stocks and shares).

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Getting a new mortgage deal

  • How will I know when my fixed rate ends?

    We’ll send you a letter before your fixed rate deal ends, explaining what your options are. You can also check when your deal ends using your hub.

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  • How do I apply for a new deal?

    Once you’re within six months of your current deal ending, login to your hub. You’ll be able to see all the rates you can choose from and easily apply online. Read our guide on getting a new deal.

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  • Will my property need to be revalued?

    You can check the estimated value of your property from your hub. We’ll use this to show you the rates you can choose from. You can pay to get your property revalued if you think the valuation is too low which affects the rates you can have.

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  • Will solicitors need to be involved?

    A solicitor isn’t normally involved when you switch your rate. However, we’ll need to instruct one if we need to set you up with a new mortgage account. Don’t worry - we won’t charge you for this. If you’ve registered for your hub we’ll ask you to contact us when it’s time to switch.

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  • When I switch my deal, can I make other changes at the same time?

    Yes, if the changes you want to make meet our current lending policy.

    You can request to reduce your mortgage term when you apply to switch. For other changes, such as moving some or all your interest only mortgage on to repayment or if you want to borrow more money, you’ll need to apply over the phone.

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  • I've applied for a new deal, but have also received an interest rate change letter. What should I do?

    If you've received an interest rate change letter, but you've already applied for a new deal, please call us on 0345 300 8000*. It could be we haven’t received your documents.

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  • When I switch my deal, can I also pay a lump sum off my mortgage at the same time?

    You can overpay and switch at the same time if you apply over the phone. Give us a few details to arrange an appointment with a mortgage specialist.

    You’ll need to switch and overpay at different times if you want to do this through your hub.

    • If your deal ends soon
      You could apply for a new deal, then make your lump sum payment once you’ve switched on to your new rate. This helps to avoid any delays in your new rate starting the day after your current deal ends.

    • If you’re applying to switch early
      You could make your lump sum payment, then apply for your switch. Before applying, please wait for our letter confirming how much your new payment will because of your overpayment. This gives our systems time to update, so the amount you switch reflects your new mortgage balance.

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Transferring your current mortgage rate when moving home

  • Can I move my mortgage rate to my new property?

    Yes, subject to the terms and conditions in your mortgage Offer. Any new application will need to meet our lending criteria.

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  • Do I have to move my existing mortgage?

    Not at all – it’s totally your decision. But remember, you may have to pay the ERC that applies if you’re within your promotional period. Your options explained has more detail.

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  • What if I apply to move my mortgage and it doesn't meet your policy?

    You can leave things as they are or talk to an independent financial adviser about what you can do. You’ll have to pay any ERC and fees due if you pay off your mortgage with us and take out a new one with a different lender.

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  • What charges will apply if I move my mortgage?

    A new account is set up when you move your mortgage to a new property. We charge a lending fee for this, although you’ll pay this when you pay off your mortgage in full. You’ll have to pay for solicitor costs, a valuation fee, and Stamp Duty Land Tax (SDLT) too.

    You may have to pay a mortgage release fee to close your existing account. Your solicitor will let you know if you need to pay this.

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  • What is an Early Repayment Charge (ERC) waiver form and when will you send it?

    An ERC waiver form is a document which must be fully completed if:

    • Your mortgage interest rate is fixed
    • You're buying your new property within three months of selling your current one.

    Having this form means you won’t be charged an ERC, or you’ll pay the ERC but it will be refunded. This depends on when you move your mortgage and sell your current property. See points one and two under What are my options.

    We'll send the form to your solicitor if your mortgage is approved. You should make sure they send us the form at least one week before you buy your new property. They can visit our solicitors page for details or to get a new copy.

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  • How do I get an Early Repayment Charge Waiver Form?

    The form will be sent to your solicitor/licenced conveyancer with their Offer pack. They can visit our dedicated solicitors page for further details or if they need a replacement.

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  • What if I can’t move my mortgage to the new property and sell my current one on the same day?

    You can apply using our Non-Simultaneous Porting Policy. This means:

    • We must have your application before you sell your current property
    • You’ll need to pay any ERC and fees that are due
    • You’ll have three months to buy a new property from the time you sell your current one
    • Your ERC will be refunded within 20 working days if you buy your new property within the three-month period.

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  • What if I can’t move my mortgage to the new property and sell my current one within the three-month period?

    You won’t have a refund of any ERC paid. You’ll also lose your existing rate and will have to choose a new mortgage deal.

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  • What if I want a lower mortgage on my new property?

    You can move any amount of your existing mortgage to the new property as long as your request meets our lending policy and Loan to Value.

    If your mortgage is on a fixed interest rate, you’ll have to pay an ERC on the amount that’s left. You’ll pay the ERC when you sell your current property.

    Example - Your existing mortgage is £100,000 with an ERC of 2%. You’re moving £90,000 to your new property. You’ll pay 2% on the £10,000 left over, which means you’ll pay an ERC of £200.

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  • How much of my mortgage can I move, and can I move it more than once?

    You can move your mortgage as many times as you want if your loan is £1,500 or more. You and the new property must meet our lending policy when you apply.

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  • Can I transfer my interest rate more than once?

    Yes, you could transfer your mortgage rate more than once. Again, this would be subject to the terms and conditions in your mortgage Offer and meeting our lending criteria.

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  • Can I move my residential mortgage on to a rental property or my Buy to Let mortgage on to my residential property?

    No, as both types of mortgages have different risks and conditions to meet. You must use your property according to the type of mortgage you have on it i.e. if you have a:

    • Residential mortgage you must live in the property
    • Buy to Let mortgage, you must let out the property.

    However, if you wish to change the type of mortgage you have on your property, you can apply for a new one. For example, if you want to move into your rental property, you can apply to switch your Buy to Let mortgage to a residential mortgage. Your application and property must meet our lending policy for the mortgage type, and fees may apply. You’ll also have to pay the ERC if your current mortgage is on a fixed rate.

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  • Can I transfer a rate from my further loan?

    Yes. But you will need to meet our standard underwriting criteria.

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  • Will my new mortgage payment match what I pay now after I move my mortgage balance?

    You may find there’s a small difference. This could be due to:

    • When in the month your new mortgage starts
    • Whether you round the length of your mortgage up or down
    • Your interest being calculated differently e.g. from a monthly to daily basis.

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