Remortgaging
Changing your mortgage as a Shared Owner
If you already own a Shared Ownership home, there may come a point when you need to change your mortgage. This could be because your current deal is ending, your circumstances have changed, or you want to buy more of your home.
This guide explains the different options available and clearly sets out when Homemade Homes needs to be involved, what information we will ask for, and any fees that apply.
Remortgaging
Remortgaging means moving your mortgage to a new lender. This is different from borrowing extra money.
If you plan to remortgage, you must get consent from Homemade Homes before you proceed. We will ask to see a copy of your new mortgage offer so we can confirm it meets the requirements of your Shared Ownership lease.
If the new mortgage is higher than the amount needed to repay your existing mortgage, we will also need written confirmation explaining why you are borrowing more.
The fees we charge for remortgaging are £60 (including VAT). An additional £120 (including VAT) is payable for the signed notice if a legal restriction is registered against your property at HM Land Registry.
Changing your mortgage product
This is when you switch to a new mortgage deal with your current lender, without increasing the amount you borrow.
Because no extra borrowing is involved, you do not need consent from Homemade Homes. We do, however, need confirmation of your new mortgage details so our records stay up to date.
We charge £60 (including VAT) when changing your mortgage product.
Further borrowing
Further borrowing is when you increase your mortgage above the original loan amount. In these cases, consent from Homemade Homes is required.
Alongside your new mortgage offer, you must provide a copy of your lender’s valuation report. This allows us to confirm the maximum amount you are permitted to borrow under the Shared Ownership lease.
Further borrowing is only allowed for specific reasons:
* to buy additional shares in your home through staircasing
* to meet obligations set out in your lease, such as essential repairs
* to allow one leaseholder to buy out another leaseholder’s share in the same property
If your request does not fall into one of these categories, we will not be able to approve it.
The fees we charge for further borrowing are £60 (including VAT). An additional £120 (including VAT) is payable for the signed notice if a legal restriction is registered against your property at HM Land Registry.
We're here to help
Send us a message if you have any questions or wish to start the process.