Shared Equity Remortgage

taylor385

Good Evening,

Sorry if this question has been asked before.

Me and my partner bought a house under a shared equity scheme approx 4 years ago.

Under the shared equity scheme we have 10 years to pay 25% of the house value. We are currently in the 2nd year of our 5 year fixed mortgage. The plan is to save as much as we can in the next 3 years (promotion at work pending) and then remortgage to make up the difference of the 25%.

So for example, say we owned £20,000, we manage to save £10,000. Can we remortgage for the other £10,000 or for the full amount if required or is this not possible?

Any information on this matter will be truly appreciated.

Thanks

HappyMJ

You can remortgage for a higher amount and buy out the other share if that's what you are thinking of doing.

taylor385

Yeah, will any mortgage lender be willing to do this or would i need to go to a specific lender?

Thanks for the quick response by the way.

kingstreet

Which/whose shared equity scheme?

Builder? HCA such as FirstBuy?

Do you actually mean remortgage, or request additional borrowing from your current lender?

taylor385

It was a Persimmon house, think it was first buy.

I am not 100% sure. I just assumed I would need to remortgage to pay of the loan.

Thanks