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Remortgage & Additional Borrowing
For remortgage cases where the property is either unencumbered or inherited property, proof of property ownership must be obtained.
Refer to Maximum LTV page for a breakdown of our LTV and additional borrowing limits.
We do not currently offer additional borrowing for existing Generation Home customers
Remortgage with Additional Borrowing
The purpose of additional borrowing should be genuine, legal and Generation Home does not support speculative investments.
Unacceptable loan purposes
The following borrowing types are not acceptable; however, this list is not exhaustive and if the borrowing purpose gives cause for concern, guidance should be sought from Senior Underwriters or from Credit Risk.
- Accident Sickness and Unemployment premiums
- Business Purposes
- Tax Bills e.g., unpaid self-employed corporation tax.
- Court Fines
- Illegal Activity
- Speculative purchases, including currency speculation e.g., Cryptocurrency, gambling, stocks, and shares.
- Transfer of title where the transferor(s) are bankrupt and/or the purpose is to avoid payment of their liabilities to creditors.
- Where the purchase application is part of an assignable contract.
- Structural Home improvements (this includes internal wall removal, extending a property, major roof works or a new staircase)
Acceptable types of additional borrowing include:
- Staircase to 100% shared ownership
- Repay Help to Buy Loan
- Repay Shared Equity Loan
- Purchase of Timeshare
- Purchase of a Buy to Let Property
- Purchase of 2nd Home /Holiday home
- Home Improvements (Non-Structural; Improvements to a habitable property, such as a new kitchen or bathroom, central heating, replacing double glazing, decoration, essential repairs, or maintenance to the property.)
- Purchase Lease Extension/ Purchase of Freehold
- School Fees
- Debt Consolidation (Broker channel only)
- Remortgage on unencumbered property (buy out partner)