Shared Ownership Remortgage: When & How to Remortgage Your Home
Save money by switching to a better mortgage deal
If you’re a shared owner and your current mortgage deal is ending (or has already ended), remortgaging could save you hundreds of pounds a month. However, remortgaging a shared ownership property has extra steps compared to a standard remortgage. This guide walks you through the process.
Why Remortgage Your Shared Ownership Home?
Common reasons to remortgage include:
- Your fixed rate is ending — when a fixed-rate deal expires, you typically move to the lender’s standard variable rate (SVR), which is usually much higher
- Interest rates have dropped — you may find a better rate elsewhere
- You want to staircase — remortgaging can fund the purchase of additional shares
- You need to release equity — for home improvements or other major expenses
- Your financial situation has improved — better income or credit score may qualify you for better rates
The Remortgage Process for Shared Ownership
Step 1: Check Your Current Deal
Review your existing mortgage terms:
- When does your current fixed/tracker rate end?
- Are there early repayment charges (ERCs)?
- What is the lender’s SVR?
Most mortgage deals allow you to start looking for a new deal 3–6 months before your current rate expires, without paying ERCs.
Step 2: Get Permission from the Housing Association
This is the extra step unique to shared ownership. You need written consent from the housing association before remortgaging. The process is usually straightforward:
- Contact the housing association and request a remortgage consent form (sometimes called a “notice of mortgage”)
- Provide details of the new lender and mortgage terms
- The housing association reviews and approves
Most housing associations grant consent within 2–4 weeks, but start early to avoid delays. Some charge an administration fee of £50–£200.
Step 3: Find a New Mortgage Deal
Use a specialist shared ownership mortgage broker — not all lenders offer shared ownership remortgages, so a broker can search the whole market for you.
Key factors to compare:
- Interest rate — fixed, tracker, or variable
- Arrangement fees — some low-rate deals have high fees
- Loan-to-value (LTV) — your LTV is based on your share, not the full property
- Term length — you may want to adjust your mortgage term
Step 4: Property Valuation
The new lender will arrange a valuation of the property. For shared ownership, the valuer assesses the full market value, and the lender calculates LTV based on your share only.
Step 5: Legal Work & Completion
A solicitor handles the legal process. For a straightforward remortgage (no staircasing), fees are typically £300–£800. Some lenders offer free legal work as part of the remortgage package.
Remortgaging to Staircase
If you’re remortgaging to fund staircasing (buying additional shares), the process combines both steps:
- Request a staircasing valuation from the housing association
- Apply for a new, larger mortgage that covers your existing debt plus the additional share cost
- The solicitor handles both the remortgage and the share transfer
For example, if you currently own 25% of a property now valued at £320,000 and want to staircase to 50%, you need to fund an additional 25% (£80,000). Your new mortgage would cover the existing balance plus £80,000.
For more on staircasing, see our staircasing guide.
Costs of Remortgaging
| Cost | Typical Range |
|---|---|
| Housing association consent fee | £50 – £200 |
| Mortgage arrangement fee | £0 – £1,500 |
| Property valuation | Often free (lender covers it) |
| Solicitor/conveyancer fees | £300 – £800 |
| Early repayment charge (if applicable) | 1–5% of outstanding mortgage |
| Total (no ERCs) | £350 – £2,500 |
Always calculate whether the savings from a new deal outweigh the costs of switching.
When Should You Remortgage?
Good times to remortgage:
- 2–3 months before your fixed rate ends — avoid falling onto the SVR
- When rates have fallen significantly since your last deal
- When your share value has increased — a lower LTV can unlock better rates
- When you want to staircase — combine the remortgage with buying more shares
When it might not be worth it:
- Your current deal has high early repayment charges
- You plan to sell soon — the costs may not be recovered
- Very small savings — if the monthly saving is minimal, arrangement fees may outweigh the benefit
Tips for Getting the Best Remortgage Deal
- Start early — begin researching 3–6 months before your deal expires
- Use a specialist broker — shared ownership remortgages are niche; a broker finds deals you won’t see online
- Request housing association consent early — the 2–4 week wait can delay your application
- Compare total cost, not just the rate — factor in arrangement fees, valuation costs, and legal fees
- Check if your current lender offers a product transfer — switching to a new deal with the same lender avoids legal fees and doesn’t require housing association consent in many cases
Frequently Asked Questions
Can I remortgage a shared ownership property?
Yes. You can remortgage just like any other homeowner, but you’ll need written permission from your housing association first. Not all lenders offer shared ownership remortgages, so using a specialist broker is recommended.
Do I need permission from the housing association to remortgage?
Yes. You must get written consent before completing a remortgage. Most housing associations process these requests within 2–4 weeks. Some charge a small admin fee.
Can I switch to a new deal with the same lender?
Yes — this is called a “product transfer.” It’s usually the simplest option as it often doesn’t require a new valuation, legal work, or housing association consent. However, the rates may not be the most competitive in the market.
How long does it take to remortgage shared ownership?
Typically 6–12 weeks from application to completion, including time for housing association consent, valuation, and legal work.
Use our shared ownership calculator to estimate your monthly payments under different mortgage rates, or try the advanced calculator for staircasing projections.