Remortgaging your shared ownership property

If you want to remortgage your shared ownership property, it’s worth speaking to a specialist mortgage broker who has access to all the shared ownership lenders.

You may need written consent from your housing provider to remortgage. Contact them and request a remortgage consent form (sometimes called a “notice of mortgage” form).

You’ll need to provide details of the new lender and mortgage terms, so the housing provider can review and approve them.

Submit your consent form as soon as possible. Most housing providers take 2 to 4 weeks to grant consent.

You may choose to borrow more money, to buy more shares (staircase) or make improvements to your property. This is known as “remortgaging with further borrowing”.

Your housing provider will need to approve any changes to your mortgage. You may need to provide them with information about what the extra money is for. For example, to buy more shares of your property (staircase) or make repairs or improvements.

If you’re borrowing more to buy more shares, you’ll need to have your property valued by a surveyor to work out the current value of the property.

Some lenders will not offer you a mortgage if your property has unsafe cladding or other building safety issues.

Find out more: keeping you safe: building owner’s responsibilities

If you’re planning to remortgage your shared ownership property, check your lease length.

Most mortgage lenders require 85 years or more on a lease to be able to mortgage (or remortgage) a property.

If you have 85 years or less remaining on the lease, consider extending your lease to get access to more mortgage options.

Find out more: extending your shared ownership lease