When your new mortgage provider completes your new mortgage, they will redeem your previous mortgage lender who will remove their first charge from your property. As a consequence, Shawbrook would become a first charge holder. The Deed of Postponement is an agreement between us and your new lender that provides our consent to your new lender taking a first charge on the property. Essentially, we agree to postpone our charge in favour of your new lender.
How can I apply?
We'll need to hear from you or your solicitor with a copy of the new mortgage offer, the proposed Deed of Postponement, payment of our administration fee of £50 and payment of our solicitors' fee of Â£75+ VAT.
What is the process?
We'll need to ensure that our position won't worsen as a result of the re-mortgage. If you are borrowing more money OR are borrowing the money over a shorter term, we will need to be comfortable that there is still an acceptable level of equity in the property and that your ability to repay your loan with us is not reduced.
If you're thinking of re-mortgaging a property we hold a second charge over, please notify us as early as possible.