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When you originally bought your home you may have financed the purchase with the help of a mortgage.

Your financial situation may have changed and as a result most people regularly review their finances with the help and support of a financial advisor or their mortgage provider.

There are lots of mortgage deals available and we are aware that our customers want to take advantage of them. As we have a financial interest in your home it is important that we are aware of and agree to any changes in your lender or any increase in how much you are borrowing.

You must therefore apply to remortgage so that we can check all the details of your application to ensure it meets with our requirements, it also ensures we are aware of the lenders interest in the property for the insurance and allows us to prepare the legal requirements for changes to a property title.

There are three possible reasons you may want to do this:

• Re-mortgage (to move from your existing lender to another lender, but without increasing your borrowing)
• Further advance (stay with the same lender, but to borrow additional money)
• Re-mortgage with a further advance

A further advance may be for home improvements to your property.

To protect Family Mosaic's interests and safeguard your position, and those of other leaseholders in your building it is important that you inform us if you are considering remortgaging or undertaking home improvements to your property.

We need to ensure that home improvements meet with building regulations and comply with professional installation standards to prevent invalidating the building insurance and putting other residents at risk.

For straightforward home improvements such as a new kitchen, bathroom or flooring send copies of quotations and invoices (After approval and the works have been carried out you will need to provide receipts and also professional installation certificates ie gas / electrical certificates).

For more complexed home improvements such as extensions you will need to provide planning permission from the local authority, architect's plans and most certainly require a visit from our surveyors.

It must be noted that not all home improvements will increase the value of your property by the amount you spend, so careful consideration should be taken before undertaking home improvements. Before starting any home improvements you must submit your "Right to Improve" application and supporting documentation to Family Mosaic's Asset Management team for approval.

All remortgages must be approved by Family Mosaic prior to completion so please apply to our Resident Sales Team for an application form.

In some circumstances remortgaging can involve adding or removing someone from the mortgage and lease. This is known as a deed of transfer or transfer of equity. This will most certainly require legal advice.

For more information on applying for approval to remortgage please contact the Resident Sales Team at resident.sales@familymosaic.co.uk or call 0207 089 1284

For more information on applying for approval of home improvement work please contact the Asset Management team via our Customer Care Line or call 0300 123 3456

Related documents:
Remortgages  Further Advances brochure
Right to Improve form