It's Free to Speak to an Advisor, 7 days, 8am - 10pm

Shared Ownership Remortgage

Q: Can I remortgage to consolidate other debts?

Yes, you can remortgage to consolidate debts . This means you could potentially pay off higher-interest debts with a lower-interest mortgage, but it’s important to carefully consider the implications and seek financial advice.

Get expert remortgage advice tailored to your personal circumstances. Our remortgage advisors can help you with:

Securing a new mortgage deal
Releasing equity
Staircasing

Read Our 2000+
5-Star Reviews

Read Our100+100+ 5-Star

Please complete the form accurately so that we can get a better picture of your financial situation.

Can you remortgage on a shared ownership mortgage?

A shared ownership remortgage involves remortgaging the mortgage on a property purchased through a Shared Ownership Scheme. With the Shared Ownership Scheme, buyers own a portion of the property and pay rent on the remaining share owned by a housing association. Remortgaging can help:

Secure Better Interest Rates
Reduce Monthly Payments
Release Equity
Debt Consolidation

Additionally, it offers the opportunity to increase ownership share through a process called staircasing. Working with a mortgage broker who specialises in Shared Ownership can help navigate the specifics and find the most suitable deal.

Our Customers Rate us 4.9/5

Speak to an Advisor - It's Free!

How to remortgage a shared ownership property?

It’s important to notify your housing provider when considering a remortgage, especially with Shared Ownership mortgages.

The remortgage process will involve income assessments and property valuations, ensuring a in-depth evaluation of your financial situation.

By speaking with a mortgage broker, you benefit from the help of someone who can navigate the market for you and ensure you secure the most suitable deal.

Appointments 7 Days a Week

Speak to an Advisor - It's Free!

Our Customers Love Us

2000+ 5-Star Reviews

Derek

They were great when handling our mortgage application even though it was a bit different to the normal one. Highly recommended

3 days ago

Michelle

The team at UK Moneyman have been excellent, really informative, providing sound advice with no judgement and supporting the best possible way forward for myself. I would definitely use the team again, they’ve made the whole process simple and...

2 weeks ago

Lawrence

Great company to work with, very helpful and excellent communication. Chris and Jo did a great job with our application. I highly recommend.

2 weeks ago

Gemma

Excellent speedy service and always available to work around the best times for us, including calls at weekends

1 month ago

Gillian

Having dealt with Leo previously I knew I would be getting a brilliant service and a good deal.

1 month ago

Karen

Very helpful.Quick response to any questions or concerns. Selected the right product to meet our requirements.

1 month ago

Stephen

We went to the Moneyman to start with regarding a new mortgage only which went really smoothly and everything was explained in simple terms at our request Malcom made it feel at ease . Once i had the confidence with them we asked them to help with...

1 month ago

Shared Ownership Remortgage FAQs

What happens if I want to sell my shared ownership property after remortgaging?

If you decide to sell your shared ownership property after remortgaging, you will need to follow the usual process for selling a shared ownership home.

This typically involves notifying your housing association, which may have the right to find a buyer or require you to offer the property to eligible buyers first.

The proceeds from the sale will be used to pay off the outstanding mortgage, with any remaining equity divided according to the share you own.

What if I have bad credit? Can I still remortgage my shared ownership property?

Having bad credit can make remortgaging more challenging, but not impossible.

You may need to work with a specialist mortgage advisor and be prepared for potentially higher interest rates or less favourable terms.

Can I remortgage to consolidate other debts?

Yes, you can remortgage to consolidate debts.

This means you could potentially pay off higher-interest debts with a lower-interest mortgage, but it’s important to carefully consider the implications and seek financial advice.

Will my housing association need to be involved in the remortgage process?

Yes, your housing association will need to be informed and involved, especially if you are staircasing.

They typically need to approve the valuation and the terms of the remortgage.

Can I extend the term of my mortgage when I remortgage my shared ownership property?

Yes, extending the term of your mortgage is an option when remortgaging.

This can help reduce your monthly payments, although it may increase the total amount of interest paid over the life of the loan.

How do I start the process of remortgaging my shared ownership property?

To start the remortgage process, you should:

Review your current mortgage deal and consider your goals.
Research and compare remortgage deals from different lenders.
Get a professional valuation of your property.
Gather the necessary documentation.
Consult with a mortgage advisor or broker who specialises in shared ownership.

Can I remortgage with a different lender?

Yes, you can switch to a different lender if they offer better terms. However, you will need to ensure that the new lender is willing to provide a mortgage for a shared ownership property, as not all lenders do.

What documents will I need for a shared ownership remortgage?

You will typically need:

Proof of income (e.g., pay slips, bank statements, tax returns if self-employed)
Proof of identity (e.g., passport, driving license)
Details of your current mortgage
A professional valuation of your property

Are there any fees associated with remortgaging a shared ownership property?

Yes, there can be several fees, including:

Valuation fees
Legal fees
Lender arrangement fees
Early repayment charges if you are leaving your current mortgage deal early

How is the value of my property determined for a shared ownership remortgage?

The value of your property is determined by a professional valuation, usually conducted by a chartered surveyor. This valuation will establish the current market value of the property, which is essential for the remortgage process.

What does staircasing mean in the context of shared ownership?

Staircasing is the process of buying additional shares in your shared ownership property.

This might eventually lead to owning 100% of the property, at which point you no longer need to share ownership with the housing association.

8 Reasons to choose UK Moneyman

Open 7 days a week, mornings and evenings

We understand that everyone has a busy personal and work life. That's why we're available to work around a time that's convenient to you.

Everyone who gets in touch is entitled to a free mortgage appointment

We only ask for payment when we find you a suitable mortgage.

You'll be assigned your own devoted case manager

You will be dealing with the same person throughout the entire process.

Customers are the heart of our company, we'll always do what's best for you

We're here to guide and support you throughout the entire process. To make sure you are on the property ladder with affordable housing costs.

Insuring and protecting you and your family's future

We will try to find a suitable insurance product that coincides with your personal and financial situation.

We search 1000's of deals

We utilise our panel of lenders to find you the most suitable remortgage for your circumstances, with affordable rates.

Advice with 20+ years' experience

We will apply our experience and knowledge to your case, ensuring that we find you a deal tailored to your circumstances.

We'll help you overcome hurdles

As someone who is looking to get a remortgage on a shared ownership property, we'll guide you and support you, all throughout your remortgage process.