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Shared Ownership Remortgage

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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. In these schemes, buyers own a portion of the property and pay rent on the remaining share owned by a housing association. Remortgaging can help:

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

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

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Shared Ownership Remortgage FAQs

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

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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, who 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?

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Having bad credit can make remortgaging more challenging, but it is still possible. You may need to work with a specialist mortgage advisor and be prepared for potentially higher interest rates or less favorable terms.

Can I remortgage to consolidate other debts?

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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?

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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?

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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?

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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 specializes in shared ownership.

These FAQs should help provide a clearer understanding of the shared ownership remortgage process and the considerations involved.

Can I remortgage with a different lender?

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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?

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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?

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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?

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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?

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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.

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

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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.

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