Remortgage your current Shared Ownership mortgage

Yes, you can remortgage on a shared ownership property. If you remortgage to release funds from the property, you could use these to increase your share of the home. You could also remortgage to move onto a new mortgage rate or to borrow more money. However, not all lenders offer shared ownership mortgages. Using a mortgage broker can help you find the best deals from all the lenders which offer shared ownership mortgages.

As a general rule, you can start the process of remortgaging up to 6 months before your existing mortgage deal comes to an end. If you don't find a better deal by the end of your current product term, you may be put onto your lender's standard variable rate (SVR), which can make your monthly repayments considerably higher.

How long it takes to remortgage depends how quickly you can receive a new mortgage offer from a lender and if there are any delays in the process. Working with a mortgage broker like Tembo can help speed things along, as your dedicated advisor will do a lot of the admin work for you. On average, it takes our remortgage customers 12 days to receive a new mortgage offer and 29 days for their new mortgage deal to be submitted.

Yes, you can remortgage early and leave your fixed rate mortgage before it's ended to change to a different mortgage provider. However, you may be charged an Early Repayment Charge (ERC) as well as other exit fees which may outweigh the benefits of switching early. If you aren't tied into a fixed rate mortgage, switching mortgage providers is even easier as you don't need to pay an ERC to leave.

Yes, it is possible to remortgage and borrow more with a shared ownership property. To do this, you are likely going to need to switch to a mortgage lender who is willing to offer you a larger loan. It can be difficult to know which lenders are likely to accept your application. Working with a specialist like a mortgage broker can help you find the best lenders to apply to.