Whether you are shopping around for a new deal when your introductory rate expires, or looking to borrow more for home improvements, it’s likely you’ll want to change your mortgage at some point as a shared owner. If you decide to do this, you’ll need to contact VIVID first.
You may have some questions regarding re-mortgaging your Shared Ownership home, to get you started, here is some useful information to read before you begin the process. If you need us, you can contact us and our team of experts will be able to help.
Staying with the same lender but borrowing an extra amount for home improvements? This is known as ‘further borrowing’ or a ‘further advance’.
You’ll only be approved to borrow more if using the advance for major repairs or home improvements on your home (and we’ll need to see invoices and receipts please), so won’t be able to use it to, for example, consolidate any debts.
You'll need to provide us a copy of the offer from your lender confirming how much you want to borrow, arrange payment of the transaction fee payable to VIVID, confirmation of the current value of your home, and confirmation of your outstanding mortgage balance. We’ll also need the details of the solicitor you’re using to manage the process.
Moving from your existing lender to another lender, but without increasing your borrowing is known as ‘remortgaging’.
To remortgage, you’ll need to contact our team via leasehold@vividhomes.co.uk to request an application pack, arrange payment of the transaction fee payable to VIVID, provide a copy of your new mortgage offer, confirmation of the current value of your home, and confirmation of your outstanding mortgage balance.
Remember your mortgage lender might also have their own charges, so get these checked too.
Your home, your rules remember! We’ll just need a copy of your mortgage offer from your proposed new lender, confirmation of the current value of your home, and confirmation of your outstanding mortgage balance.
If you’ve got more questions or want to remortgage, email us at leasehold@vividhomes.co.uk
Email leasehold@vividhomes.co.uk
