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Help to Buy remortgages and further advances set to be simplified – exclusive

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  • 23/10/2018
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Help to Buy remortgages and further advances set to be simplified – exclusive
Homes England is working to simplify the remortgage and further advance process for borrowers wishing to move lender or take out more money from their property to repay their equity loan.

 

Mortgage Solutions understands the process is being revised by Homes England and is hoped to be introduced in the coming weeks.

Lloyds Banking Group head of housing development Douglas Cochrane, who has been working as part of an industry group with Homes England, said the intention was to simplify the policy so that borrowers and lenders understand what is expected of them.

“It will simplify the paperwork and practices that Homes England adopts,” he said.

“There’s a suite of different conditions which will make it easier for a lender and also for customers themselves.

“It demystifies the challenges for lenders,” he added.

Cochrane noted that one of the bigger stumbling blocks in the process at present involved accommodating the government’s second charge equity loan, but this was being tackled.

He added that the government was keen to encourage the market for people who did move but to also support those who wanted to borrow more and make that as straightforward as possible.

 

 

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