You will need to obtain consent from us, via your mortgage lender, if you wish to obtain a further advance on your mortgage. Permission will not be given if the advance is to consolidate other loans or debts.
We require specific information before our consent will be given, this includes:
- A valuation of the property provided by a qualified Chartered Surveyor
- Details of the amount of the advance being requested
- The reasons the advance is required
- Details of the amount outstanding under your current mortgage
- Confirmation that the further advance does not exceed the value of the share you hold in the property, and that Irwell Valley’s interest in the property is only second to the mortgage lender’s.
- A copy of your new mortgage offer
There will be an administration fee to cover the cost associated with this consent. Refer to the current administration fees list for full details.