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 essential repairs to 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.
In order to proceed you'll need to complete and return a copy of the application form from the remortgaging guide. Once received we'll contact your solicitor to progress your application.
Moving from your existing lender to another lender, but without increasing your borrowing is known as ‘remortgaging’.
To remortgage, you’ll need to complete and return the application in the remortgaging guide and return to our team via leasehold@vividhomes.co.uk . Once received we'll be in contact with the next steps.
Remember your mortgage lender might also have their own charges, so get these checked too.
You can! Again, we'll just need a completed copy of the application form from the remortgaging guide. Once received we'll take it from there.
Click here to view our Remortgaging guide and find out more info.
If you’ve got more questions or want to remortgage, email us at leasehold@vividhomes.co.uk
Email leasehold@vividhomes.co.uk
