If you wish to switch mortgage lenders or increase the amount you are borrowing, the bank or building society will ask for Radian’s approval.
Why would I change my mortgage lender?
When you take out a mortgage, you normally get an introductory deal for a fixed period. Once this time has expired, it’s worth shopping around to make sure you’re getting the best deal.
If you need some help with this, check out our panel of Independent Financial Advisers.
I'd like to borrow more money on my mortgage
This is known as ‘further borrowing’ and Radian can approve this if the funds are going to be used for:
- Improvements or repairs to the property
- One owner of a jointly held property buying out the other (see our guide on ‘Adding or Removing an Owner‘ for more information)
If you are borrowing to pay off your equity loan, Radian does not need to approve the new mortgage. Please see our ‘Paying off your loan‘ section for more information.
How much extra can I borrow?
As long as you are borrowing for an approved purpose, as above, you can borrow up to 95% of the value of your equity.
Current market value of property: £150,000
Amount of equity loan: 25%
Value of your equity (75%): £112,500
Amount you can borrow (95% of equity owned) £106,875
Your home will need to be valued by a RICS registered surveyor. However, your new mortgage lender will normally have a valuation carried out before they formally offer you the mortgage. If you can provide a copy of this valuation report, including the valuer’s RICS registration details, Radian can use this.
If not, you will need to get a valuation report carried out and send this to us. Find more information on valuations here.
Which mortgage lenders can I use?
You can choose any lender who is registered with the Financial Conduct Authority. If you want help finding the right mortgage for you, an Independent Financial Advisor could help.
What costs will there be?
Radian charge a fee of £60 including VAT to complete all of the legal paperwork that the lender requires to agree your mortgage. This is payable on application.
What are the next steps?
If you’re unsure how much you can borrow, call us first on 0800 145 6663 or email firstname.lastname@example.org.
When you are ready to go ahead, request an application form from us and send this back to our team, along with a copy of the redemption statement for your current mortgage and the offer document for your new mortgage.
If you are further borrowing, please also include quotes of any intended home improvements (where applicable) and a valuation report.
What if I am struggling to pay my mortgage?
It’s important to let your mortgage lender know as they may be able to provide some assistance. There are places you can go for help, see our Financial Advice page for further information.