Information for Homeowners
If you’re a Shared Owner, this section is home to useful information for you.
Re-mortgaging/varying the mortgage on my property
With a Shared Ownership lease, if you wish to re-mortgage with a new lender or vary the mortgage with an existing lender at any stage, you need to obtain our consent to do so. Consent will never be unreasonably withheld. For more information on the process, please contact the Homeownership Team, please note, that fees apply.
Re-mortgaging with a new lender may require a formal valuation (which you will need to arrange and pay for) and, in all cases, will have to be dealt with through our solicitor to ensure the Mortgage Protection Clause in your lease is protected. Varying your mortgage does not require the involvement of our solicitor but does need our consent.
Please note that we can never approve a mortgage that is greater than the value of the share that you hold in the property or allow borrowing on top of the redemption amount of the existing mortgage unless for one of a limited number of purposes. Neither can we allow you to consolidate debts into your mortgage.
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- Only those named on the lease can be named on the mortgage agreement.
- You may wish to consider purchasing additional shares (staircasing) as part of re-mortgaging. See our staircasing guide for more information.
- Freehold properties and 100% Private Sale Leaseholders do not need our consent but must provide us with a Notice of Charge/Mortgage from their lender or solicitor.
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Please contact the Homeownership team for information on all these processes and the fees which apply.