Changing your Shared Ownership mortgage

If you switch to a new mortgage lender or want to increase the amount you are borrowing on your mortgage, your mortgage lender will ask for Radian’s approval.

Why would I change my mortgage lender?

When you take out a mortgage, you normally get an introductory deal for a fixed period, for example, for 2, 3 or 5 years. Once this time has expired, it’s worth shopping around to make sure you’re getting the best deal.

If you need help doing this, our panel of customer-recommended Independent Mortgage Advisors can help.

What if I want to borrow more money on my mortgage?

This is known as ‘further borrowing’ and Radian can approve this if the funds are going to be used for the following:

  • One owner of a jointly held property is buying out the other. See our guide on ‘adding or removing an owner’ for more information
  • Essential repairs
  • Adapting the property to make it suitable for your disability

If you are increasing your mortgage to buy all of the remaining shares in your home, Radian does not need to approve the new mortgage. Please see our ‘Buying more shares’ guides for more information.

How much extra can I borrow?

As long as you are borrowing for an approved purpose, as above, you can borrow up to 95% of the value of your share.

For example:

Current market value of property: £150,000
Amount of share: 75%
Value of your share (75%): £112,500
Amount you can borrow (95% of share owned) £106,875

Your home will need to be valued by a RICS registered surveyor. However, your new mortgage lender will normally have a valuation carried out before they formally offer you the mortgage. If you can provide a copy of this valuation report, including the valuer’s RICS registration details, Radian can use this.

If not, you will need to get a valuation report carried out and send this to us. Find more information on valuations here.


Which mortgage lenders can I use?

You can choose any lender who is registered with the Financial Conduct Authority. If you want help finding the right mortgage for you, an Independent Mortgage Advisor could help.

What costs will there be?

As well as the costs to your mortgage lender, Radian charge a fee of £60 including VAT to complete all of the legal paperwork that the lender requires to agree your mortgage. This is payable on application.

What are the next steps?

If you’re unsure how much you can borrow, call us first on 0800 145 6663 or email

We’ll provide you with an application form to complete and send to us along with a copy of the redemption statement for your current mortgage and offer document for your new mortgage. Please note, we will also require certified ID from all applicants before we can proceed with the transaction.

If you are further borrowing, please also include details on what you will use the funds for and a valuation report.

What if I am struggling to pay my mortgage?

In the first instance, it’s important to let Radian and your mortgage lender know. There are lots of places you can go for help. See our financial advice page for further information.

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