Remortgaging your home FAQs

Your lender will require our consent. We have a legal interest registered in your home so your lender needs to know we're aware of your intention.

Check with your lender. If you're staying with the same lender and changing product, but with no extra borrowing, our consent may not be needed.

You'll find further information about remortgaging your shared ownership home here.

Remortgaging is the perfect moment to consider purchasing more shares in your home, known as staircasing.

As a shared owner you can increase your ownership, reducing your rental payments as you go. If you would like to learn more about how staircasing can benefit you visit our dedicated Staircasing page at www.latimerhomes.com/my-home/staircasing.

You'll be liable for all costs associated with your remortgage. This includes payment of our administration fee.

We'll only consider additional borrowing for the following reasons:

• Staircasing, purchasing further shares.
• Home improvements that will add value to your home (this doesn't include general decoration).
• Essential repairs that are not covered under your building insurance.
• To allow a legal transfer of ownership.
• Under the terms of shared ownership don't allow further borrowing for debt consolidation.

This is a clause within your lease. It means that your lender could recover certain losses from us if they ever have to repossess your home.

We cannot extend the MPC to cover extra borrowing unless this is for staircasing or transferring the equity. The limits of the MPC may be an issue for some lenders so we advise you to check this with your new lender in advance of making a formal remortgaging application.

Follow our guidance on remortgaging to help you prepare your application. It leads you through to our online application form.

We'll agree mortgage arrangement fees of up to £1,000 to be added to your new mortgage. Under no circumstances will we consider anything above this sum.

This administration fee covers the cost of administering approval of the new mortgage and issuing the mortgage amendment approval document.

We have to protect our interest in the home so the total borrowing must not exceed a loan-to-value (LTV) ratio equal to 90% of the increase in share value.

For example:

• Original valuation at purchase = £150,000, 50% (equity share) = £75,000
• Current valuation = £190,000, 50% (equity share) = £95,000.
• Based on the example, the maximum borrowing (outstanding capital and further advance) cannot exceed £85,500 (which is 90% of £95,000).
• Please note that each owner’s original share will vary.

This would be considered debt consolidation. We cannot agree to give the Mortgagee Protection Clause (MPC) for the purpose of debt consolidation under any circumstances.

From receipt of your application, which must include all the required information/documents, we'll process your request within 10 working days.

Please note we cannot begin processing your request until all documents have been received.