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Remortgaging a Local Authority / Council Mortgage (Home Finance Association)

People remortgage their Local Authority Mortgages for many of the same reasons, as Bank and Building Society Mortgages holders – to consolidate loans, finance home improvements, release equity, and buy holiday homes etc.

But one major additional factor is the huge savings that can be made on interest payments (and the number of years you can reduce your mortgage by, while making the same payments). There are lots and lots of different Local Authority schemes, offering different rates of interest, but generally speaking, the interest rates charged are significantly higher than those charged by the Banks and Building Societies.

Buying a home under the shared ownership scheme has helped lots of people get on the property ladder. Without it, many people who have availed of the scheme, would not have been able to buy their first home.

But by the very nature of the scheme, people on the Shared Ownership Scheme will have to remortgage at some stage, if they are to ever fully own their home.

And the sooner the better. Something that many people don’t think about, is that the part of the home you ‘rent’ from Local Authority’s, can go up in value too, so the longer you leave it to pay them off, the more expensive it will tend to be.

It is much easier to qualify for a mortgage with the banks and building societies than it was even a year ago (particularly if your are joint borrowers, with both applicants working). 

So why not take a few minutes, filling in this simple enquiry form, to see what we can do for you.