From time to time it may become necessary for you as a shared owner to remortgage your share in your home. This may be owing to a change in personal circumstances, your lender not offering you the best deal or removing/adding a name to an existing mortgage.
If the Shared Owner is remaining with the same lender or changing from one lender to another, not borrowing an additional amount and just changing the interest rates, Bromford will require the following:
- confirmation from the Shared Owner on the reasons for the re-mortgage
- a copy of the mortgage offer
- a copy of the lenders valuation
- a statement of the current mortgage balance
If you are adding or removing another person on the mortgage and the lease you will need to complete an application form. You will then both be assessed on affordability, eligibility and financial status in a similar way to when you first purchased the property.
Please be aware that some of the costs that you may incur when you remortgage are as follows, for more in depth costings we advise you to speak to your solicitor. Please note that if you are a customer of Gloucestershire Rural Housing these costs may differ and you must contact us or refer to your lease for details.
Are there any costs involved?
You will need to pay for the valuation, our administration fees, your solicitor’s fees, our solicitor’s fees and any disbursements. These will be explained in advance by your solicitor and Bromford where applicable.
It is important to obtain professional advice when buying/selling a property, there are however non-refundable costs (such as solicitor, valuation and financial adviser fees) that may be incurred if a purchase/sale does not go ahead.
We hope that this has helped to explain the process in a clearer light and if you have any questions please do not hesitate to contact us (Commercial Property Team) on 0330 1234 034 or email@example.com