30/70 re-mortgage

autumntrance

Hi all,

My 3yr deal ends on my mortgage this August & we want to re-mortgage for a bit more to cover the cost of home improvements (thinking 10k) our current lender Santander won't let us do it on the 30/70 they say we can only borrow 75% of the 70%.

I know other people have done it but wondered which lenders they have done it with?

FYI: we don't pay rent on the 30% we just pay 30% of the market value when we sell.

Thanks in advance

somethingcorporate

I'd suggest you go and see a broker

start with recommendations from friends or family or trying https://www.unbiased.co.uk.

kingstreet

If this is shared equity, the process for remortgaging is rather complicated. You need to obtain a deed of postponement from the HCA HomeBuy Agent tasked with handling post-sale issues, Metropolitan.

You need their permission to increase your mortgage as well.

http://www.myfirsthome.org.uk/contact/

StuC75

What kind of equity is there in the property? The shared ownership aspect may affect which lenders you could use anyway. What kind of rate would you have on the mortgage?

Have you thought of taking the £10k as an unsecured loan?.