Remortgaging a house that is in shared ownership shares many similarities with a normal remortgaging process. The main difference is that you will be looking at lenders who specialise in shared ownership properties. That’s why working with a broker is easier as they will have a range of products for all situations and be able to look at these with an expert eye to find the right one for you.
Remortgaging shared ownership basics
To start with, if you are remortgaging a shared ownership property and then you want to buy the rest of your share, effectively owning the property outright, then things are a little different. This is treated more like a standard remortgage and means you won’t have to have a shared ownership specialist.
If you are continuing on a shared ownership basis, then the process will be like a normal remortgage. You will sit down with us and work through all the basics of your outgoings and expenses, the circumstances and financial questions to then get a quote for the remortgage you are looking for.