If you want to remortgage your shared ownership home, your mortgage lender will need our written consent. This is a condition of the shared ownership lease.

This happens if you decide to:

  • Remortgage and/ or borrow more with a new mortgage lender
  • Remortgage with the same lender and borrow more

Borrowing more means – borrowing any money over and above the current amount outstanding on your existing mortgage

If you are remortgaging with your existing mortgage lender with no further borrowing our written consent is not needed.


Muir’s consent

We will give our written consent to borrowing up to the current value of the share which you own.

Any mortgage must be a repayment mortgage rather than interest only, for a term of less than 35 years.

The interest rate on the mortgage must be less than 7.5%.

Any mortgage fee charged by the lender can be included within these costs so long as all borrowing is within the value of the share which you own.


What information we need

We will ask your mortgage lender for:

  • A copy of the mortgage offer
  • A valuation of the property (usually stated on the mortgage offer )
  • The balance owing on your existing mortgage
  • The reason for the remortgage


Additional borrowing

We can only agree to additional borrowing if this is:

  • To purchase more shares
  • For home improvements to the structure of your home
  • To allow one shared owner to purchase another shared owners interest in the same home

For home improvements we will need to see quotes and plans if applicable for the works which total the value of the additional borrowing.

We cannot agree to any additional borrowing if this is for any reason other than home improvements – e.g clearing debts.


Administration fee

We will charge an administration fee. The amount payable will be confirmed once we know more about the remortgage. Eg if you are changing lender.


How do I apply

Please ask your mortgage lender or solicitor to contact us in the first instance. We will let them know our requirements.