I am looking to change my first charge mortgage provider
If you are looking to change your first charge mortgage provider and keep you Shawbrook second charge mortgage in place you will need a Deed of Postponement.
What does a Deed of Postponement application involve?
1. You will need to pay an administration fee of £95
The fee covers the administrative costs we incur when managing your application. This fee is confirmed in the Tariff of Charges document sent to you when you initially applied for your loan with us.
2. We will need full details of your new mortgage
We will need a certified copy of your new mortgage offer letter, confirming the amount of the mortgage, the term and the monthly repayment amount. If your mortgage repayment will increase, we will need to see proof of your income to ensure that you will be able to meet your increased monthly outgoings.
If your mortgage provider will not provide you with a mortgage offer until they get agreement to the deed of postponement, we will accept a letter addressed to Shawbrook, directly from your mortgage lender
The letter from your mortgage provider should confirm the following details:
- Total amount of borrowing
- Mortgage term
- Current property valuation and the date the inspection was completed
- Monthly repayment amount
We cannot accept a Key Facts Illustration, as this is not a final mortgage offer.
3. We will need to know the current valuation of your property
This will tell us whether there will be enough equity in your home to satisfy our current lending requirements. You may need to repay some of your loan balance if the re-mortgage will reduce the level of equity left in your property by too much
4. You’ll need to pay a solicitors fee of £75 + VAT
As a Deed of Postponement is a legal document, if we can approve your application our solicitors will then need to review it to make sure it is suitable for our second charge mortgage purposes
How can I pay these fees? Are they refundable if you don’t approve my application?
The administration fee is payable at the start of the application. As this fee is payable to cover the cost of dealing with your application, these fees are non-refundable whether the matter is approved, declined, or cancelled once we have assessed the application.
You can pay the solicitor fee either at the start of the application or, if you would prefer, once we have confirmed that we are agreeable in principle to the Deed of Postponement. If you pay your solicitor fee at the start of the application, it can be refunded up until the point our solicitors are instructed to review the matter.
Please to make a debit card payment. We do not accept cheques.
You can contact the team by on 0345 650 6287.
Our team is available:
Monday - Thursday: 8am-8pm
We're closed on Sundays and public holidays.
How long will you take to give me a decision?
Once we receive all of the information we need from you we will complete an initial review of your application. We do reserve the right to request any additional information necessary to allow us to make an informed decision on your application.
From the date all information is received, we will aim to return the executed Deed of Postponement to your lender (or their solicitors) within six working days.
Is there a chance you will decline my application?
As with any application, there is unfortunately a chance that your request will not meet with our requirements, in which case we will have no option but to decline your application.
As a personal and pragmatic bank, we will however take a common-sense approach and look at the individual circumstances of your application to see if there is a way we can accommodate your request. For example, if your application has been declined on the basis that there would not be enough equity left in the property, we could give you the option of repaying a proportion of your loan to bring down the loan balance and bring the equity levels in line with our requirements.
In the event your application is declined, this will impact upon your remortgage application and you will need to speak with your new mortgage lender as soon as possible.