What is the process for repaying my equity loan?
This is a five step process:
Step 1: To start the process, please contact Catalyst to advise that you wish to repay your Equity Loan. A member of the Home Ownership Approvals team will talk you through the process. You can do this yourself or through the solicitors who’ll be handling the transaction, and the removal of Catalyst’s charge on the property.
To do this please call us on 0300 456 2099 and ask to speak to the Home Ownership Approvals Team, or email us.
Step 2: We will send you an information pack with the guidance notes and forms you will need to complete. The pack includes two forms – one for you and one for your valuer to complete- along with guidance on the requirements of the valuation. An administration fee of £200 is required on some of the equity loan schemes.
Step 3 – You will need to return all the completed forms, valuation and any fee requested. We will then set up your case and contact your chosen solicitor to confirm their instruction and the details of the redemption.
Step 4: Once we have received a response from your solicitor, we will issue a formal redemption letter to you and your solicitor within 5 working days. This will have the full payment details and an instruction to your solicitor to forward to us a DS1 form on completion – A DS1 form allows your solicitor to arrange for Catalyst’s charge on the property to be removed-.
Step 5 – Once we receive the cleared funds from your solicitor we will close your account.
Also, once we receive the DS1 from your solicitor we will sign, seal and return it to them, so that they can send it to the Land Registry.
Please note that if you pay interest on your account, any overpayment will be refunded back into your account after the process is completed.