Remortgaging your shared owner home

remortgage image

At some point you may wish to remortgage your shared ownership home. This could be to take advantage of a better rate or to borrow more to make home improvements.

Find out more about the process involved

  • What are the options when remortgaging ?

    When you're looking to remortgage there are normally three options:

    • Remortgage - move to a different mortgage provider or to a new deal with your existing lender, but without borrowing more money.
    • Further advance - staying with the same mortgage provider, but borrowing extra money for home improvements.
    • Remortgage and further advance - doing both, changing mortgage provider and borrowing more money.
  • Mortgage approval

    Because we own part of your home too, you'll need our approval to any changes to your mortgage or lender.

    And your new mortgage company will also need our permission to proceed.

    We don't normally have any objections to a remortgage or further advance on a shared ownership property. However, prior to approving, we'll need some information from you:

    1. Your new mortgage offer, showing the current value of your home and the exact amount being borrowed.
    2. Redemption statement on your existing mortgage.
      You'll need to request this from your current lender. This will normally include your current mortgage balance, outstanding interest and any early repayment charges (if applicable).
    3. Confirmation of what the remortgage is for.
      This could be for a better mortgage rate, because you've come to the end of your current mortgage term or for home improvements. If it's for home improvements, alterations or additions to your home, you must obtain our written permission before starting the work. Find out more about making improvements to your home.

  • Administration costs

    You'll be required to pay an administration fee of £100.00, payable on completion.

Please note: the information on this page is for guidance only. You should always refer to your lease for comprehensive information and get legal advice where necessary.