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LSAP and re-mortgaging

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3OCLOCKFINISH

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I'm due to re-mortgage in December after our fixed term ends, is it possible to use LSAP as a 'deposit' for the re-mortgage?

I've asked in PSF and they thought so but weren't entirely sure.

"Read the JSP!"

I've read the JSP and whilst it does hint at being able to to do doesn't spell it out in simple words which I can understand.

3
 
If you wish to re-mortgage in order to change your mortgage provider, to benefit from a lower interest rate, and it does not increase the actual value of the outstanding mortgage it can happen.....I think!!
 
homeowner

homeowner

Surely you are already a homeowner?
If you are allowed let us know as I think there would be alot of interested people who bought when it was not really publicised.
I wanted to use it to buy a bigger house now the family is growing but would have to sell the old house and use all the capital from that first.
 
Got to agree with Mug here; as a homeowner already it is deemed that you don't need the assistance of a loan to purchase a house as you have one already. Nowhere near a JSP at the moment but I suspect it won't be covered in there anyway as your circumstances mean that you are not entitled. I would send an i-support to the LSAP desk though to check just in case.
 
Humble Scribe said:
Got to agree with Mug here; as a homeowner already it is deemed that you don't need the assistance of a loan to purchase a house as you have one already. Nowhere near a JSP at the moment but I suspect it won't be covered in there anyway as your circumstances mean that you are not entitled. I would send an i-support to the LSAP desk though to check just in case.
Click to expand...

as raflad said

"If you wish to re-mortgage in order to change your mortgage provider, to benefit from a lower interest rate, and it does not increase the actual value of the outstanding mortgage it can happen.....I think!!"

From reading the JSP this is my interpretation also and ultimately the reason that I am asking.

Slightly O/T but if the JSP can be read two ways then where is the guidance to say which one is correct? Is there a higher level document?
 
3OCLOCKFINISH said:
as raflad said

"If you wish to re-mortgage in order to change your mortgage provider, to benefit from a lower interest rate, and it does not increase the actual value of the outstanding mortgage it can happen.....I think!!"

From reading the JSP this is my interpretation also and ultimately the reason that I am asking.

Slightly O/T but if the JSP can be read two ways then where is the guidance to say which one is correct? Is there a higher level document?
Click to expand...

But the whole idea of the LSAP is to aid personnel to enter the housing market which you are already in hence my asumption that you're not entitled but it is only an assumption on my behalf.

Bottom line is that you need to get one of your shiney's to speak to, or send an i-support to, the LSAP office to verify the entitlement. You used to be able to send in the form to actually do just that but now it's on-line I'm not so sure. Please let us know how you get on.
 
Humble Scribe said:
But the whole idea of the LSAP is to aid personnel to enter the housing market which you are already in hence my asumption that you're not entitled but it is only an assumption on my behalf.

Bottom line is that you need to get one of your shiney's to speak to, or send an i-support to, the LSAP office to verify the entitlement. You used to be able to send in the form to actually do just that but now it's on-line I'm not so sure. Please let us know how you get on.
Click to expand...

The online application is exatly what you say - just a method of pre-approval. After a quick nose through the JSP, it does not clearly state that you are not entitled, so I would suggest using the online application to see if you are entitled.
 
3OCLOCKFINISH said:
I'm due to re-mortgage in December after our fixed term ends, is it possible to use LSAP as a 'deposit' for the re-mortgage?

I've asked in PSF and they thought so but weren't entirely sure.

"Read the JSP!"

I've read the JSP and whilst it does hint at being able to to do doesn't spell it out in simple words which I can understand.

3
Click to expand...

I also looked at doing this, as my mortgage was due for renewal. If by a 'deposit for the re-mortgage' you mean:

02.0443. Re-Mortgage – Increase in Mortgage Loan
or
02.0445. Re-Mortgage – Change of Mortgage Provider

Then I took this as you have already received LSAP, and not that you can have LSAP. Your 'deposit' as you state has already been paid when you bought the house, so you cannot use LSAP to pay a chunk off to lower your overall rate.

02.0410. Financial Restrictions Imposed on a LSAP, states that: 'existing and recent property-owners are not deemed to warrant the same financial assistance as other eligible applicants'

It's not good news unfortunately
 
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