Yes, you must notify the FHS of your intention to top up your mortgage with a Participating Lender, and the FHS must confirm that it does not object to the mortgage top-up as a part of the mortgage top-up application process.

The FHS may object to a top-up application for one of two reasons:

  1. If the top-up has been sought for a purpose other than one of those listed below:
    • Home improvements
    • Medical
    • Educational needs
    • To redeem (buy back) the equity share partially / in full
  2. Post top-up if you do not meet the FHS’ requirement to retain an equity interest of at least 10% of your home’s estimated open market value.