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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:
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.
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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.
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They were great when handling our mortgage application even though it was a bit different to the normal one. Highly recommended
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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, 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.
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.
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.
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.
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.
To start the remortgage process, you should:
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.
You will typically need:
Yes, there can be several fees, including:
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.
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.
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.
We only ask for payment when we find you a suitable mortgage.
You will be dealing with the same person throughout the entire process.
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.
We will try to find a suitable insurance product that coincides with your personal and financial situation.
We utilise our panel of lenders to find you the most suitable remortgage for your circumstances, with affordable rates.
We will apply our experience and knowledge to your case, ensuring that we find you a deal tailored to your circumstances.
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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UK Moneyman Limited is Registered in England, No. 6789312
Registered Address: 10 Consort Court, Hull, HU9 1PU.
Authorised and Regulated by the Financial Conduct Authority.
We are entered on the Financial Services Register No. 627742 at www.register.fca.org.uk
UK Moneyman Limited is Registered in England, No. 6789312
Registered Address: 10 Consort Court, Hull, HU9 1PU.
Authorised and Regulated by the Financial Conduct Authority.
We are entered on the Financial Services Register No. 627742 at www.register.fca.org.uk
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