As mortgage deals are changing all the time, you might want to change your mortgage every now and then

How to change your mortgage deal and borrow more money

Because we own part of your home too, you can’t do it without involving us. Your new mortgage company will need our permission for it to go through.

There are normally three options open to you:

  • Remortgage (which is moving to another mortgage company or to a new deal, but without borrowing more money)
  • Further advance (which is staying with the same mortgage company but borrowing extra money for home improvements)
  • Remortgage and further advance (which is changing your mortgage company and borrowing more money).

Speak to a financial advisor about the different options

  • Shared Ownership mortgages are different to normal mortgages, so it’s really important you use a financial advisor who really knows about shared ownership
  • We’ve got a panel of people who can help - but they are also independent. Although they’ve been approved by us, they are nothing to do with us, our partners or any group we’re connected with. But, they know we expect our customers to go to the front of the queue
  • But you can choose someone else if you like

The financial advisors we recommend are:


What we need from you

If you want to change or increase your mortgage

If you’re applying to remortgage or take an advance (or both), you need to:

  • Fill in this form
  • Pay £240 to cover our legal fees. You can pay this directly to your solicitor
  • Give us copy of your new mortgage offer. Remember it can’t be an interest only mortgage. And, if you’re borrowing more money, you need to tell us how much extra you’ve asked for and what it’s for (you can only use it for extra shares, home improvements or major repairs)
  • Let us know the new value of your home (this should also be on your new mortgage offer)
  • Let us know how much you need to pay back on your current mortgage (which you’ll find on your redemption statement)
  • Give us the contact details for the solicitors you’re working with (if you’re changing mortgage company or borrowing more money)

We can’t do anything start until we’ve all the documents and the £240 payment.

Send these documents to:


The costs involved

  • If you’re changing your mortgage company and/or asking for more money, we’ll need to hire a solicitor to do some legal work. But you need to pay for this. It'll be £240
  • You may also have to pay your own solicitor
  • You may have to pay arrangement fees to your new mortgage company for dealing with your mortgage application or using solicitors. Make sure you check what they are and when it needs to be paid

Buy more shares

How to buy a larger part of your home (more shares)

Find out more

Sell my home

Four steps to selling your shared ownership home

Find out more