- Add or remove a name
- Letting your residential property
- Reduce your term
- Extend your term
There may be a time when you want to add, remove or replace someone on your mortgage. This is known as a Change of Parties (CoP) or Transfer of Equity (TOE).
Your request will be treated as a new application. We’ll need to make sure you can still afford to pay your mortgage and your credit payment history is still good. We’ll also check the details of anyone being added. Just get in touch to get the ball rolling.
You’ll also need a solicitor to sort out the legal paperwork and will likely have to pay them for their help.
If you have a homeowner mortgage with us, there may come a time when you want to move home but keep your property and let it out. You’ll need to apply for our approval to do this. We’ll review your circumstances and decide whether you can let out your property. Letting your home with our approval is known as a Let With Consent (LWC).
Before asking us if you can let your home, we ask that:
- Your current mortgage is at least 12 months old
- All of your mortgage payments have been paid on time
- If your property is a flat or maisonette and fire risks have been previously identified, you can provide your tenant(s) with a copy of the latest Fire Risk Assessment Report for the building address of your property
- Your property is not a licensed or unlicensed House in Multiple Occupation (HMO). Please contact your local authority for details.
Letting us know
If you meet the above requirements, please read our Tenancy Pack. This document gives more details about letting out your property. Please send us your request by completing the form at the back.
Or if you prefer, ask us to post it to you.
Let With Consent fee:
To give our approval, you must also pay a LWC fee.
- Find how much you need to pay in our Tariff of Mortgage Charges
- The fee must be paid before we’re able to look at your request
- Please pay online once you’ve sent your Tenancy Pack, or include a cheque when you send it
- If you pay the fee and we don’t approve your request, we’ll refund the full amount
- This is an annual fee so if we approve your request, you’ll need to pay the fee each year that your property is let.
Need a new rate or want to borrow more whilst your property is let?
If your property is let and you want to change your rate or borrow more, you’ll have to switch your homeowner mortgage to a Buy to Let mortgage. This means:
- You’ll need to submit a new application
- You and your property must meet our lending policy
- A valuation will be required – a valuer will visit the property and tell us whether its suitable for letting and for how much. You’ll have to pay a fee for this, unless the cost is free with your new rate. See our Tariff of Mortgage Charges
- You must have a solicitor in place to deal with the legal paperwork which you’ll also have to pay for.
Reducing your term with overpayments
Overpayments are payments made to your mortgage account on top of your monthly payment.
If you make a single overpayment of £500 or more (a lump sum) or when the amount of your regular overpayments total £500, we’ll automatically recalculate your monthly payment. You can apply to reduce your mortgage term instead so your mortgage will end sooner and you’ll pay less interest overall.
Applying to reduce your term when you make a lump sum overpayment is a five step process. You need to complete steps one to four each time.
- Check you’re able to reduce your term.
- Use our overpayment calculator to get an idea of how your mortgage could change.
- Visit your hub to view your current overpayment allowance and make your overpayment.
- Then using ‘Tools’ in your hub, complete the ‘How can I reduce my term’ form within five days of making your payment. If you submit your form after five days, we’ll send you a message about what happens next.
- We’ll write to you by post once we’ve reduced your term.
Reducing your term without overpayments
If you have a repayment mortgage, you may be able to reduce your term without making an overpayment. Whilst this means your mortgage will end sooner, your monthly payment will go up so we’ll need to make sure it stays affordable for you.
Switching to a new mortgage rate
Send us a message through your hub if you want to make an overpayment and switch to a new mortgage rate, or have already applied to switch. We’ll review your account and let you know the best way to continue. If you want to switch your rate online without making an overpayment, you can reduce your term as part of the process.
If you have a repayment mortgage, you may be able to extend your term to reduce your monthly payments. We’ll need to check your new term is still affordable, particularly if it extends past retirement age. To extend your term, get in touch.
If you’re worried about making your mortgage payments, it’s really important to let us know. Talking to us about your financial situation makes it easier for us to help you. Visit our help and support section for details.