Your loan agreement says that you must get our permission for any home improvements you carry out, if you wish for the value they add to be considered when you pay back your loan.
It’s important to remember that essential repair and maintenance is different from a home improvement and the amount you spend making improvements will not necessarily be the same as the value they add. When you come to repay, it will be up to the qualified surveyor to decide if the work you’ve done is an improvement and the value it has added. For information on home improvements, please read the home improvements guide.
Though you can ask us after you have finished your home improvements, we strongly recommend that you speak to us beforehand, to help avoid any disputes. When you come to repay the loan, only improvements where our written permission has been given will be considered.
How do i get permission for home improvements?
You should put your request for our permission in writing, enclosing evidence of the work you are requesting permission for. This can be in the form of quotations from contractors or receipts for materials. We won’t be able to give you our permission if the work you are carrying out cannot be evidenced.
If you wish to remortgage to pay for your home improvement, you should complete a remortgage request form found in our ‘Remortgaging your property’ section.
You cannot back date any future requests to remortgage to consolidate costs incurred whilst carrying out home improvements, maintenance or repairs.
- Depending on the type of home improvement you are carrying out, you may also need to:
- Ensure you have the relevant planning permissions or Local Authority approval if required.
- Consult your freeholder to ensure you are meeting the terms of your lease, if your home is leasehold
- Take photos of the work you do to present to the surveyor when you come to repay your loan.