Open Market Shared Equity (OMSE) administrative procedures: 2014

Section Five

Owners wishing to Remortgage their property

5.1 An owner may wish to remortgage and possibly move from one lender to another. Registered Social Landlords administering the scheme will need to establish if there is any element of additional borrowing.

5.2 An owner will be responsible for meeting all costs (including those incurred by the Registered Social Landlord and Scottish Ministers) when remortgaging their home. Registered Social Landlords must provide information on costs to the owner as soon as possible.

5.3 The Scottish Government has prepared ASSEP Procedures for use by Registered Social Landlords administering the Scottish Government's LIFT Scheme. The document contains sample emails and correspondence to be used when a property is remortgaged. A copy of the ASSEP Procedures can be found on the Scottish Government website at www.scotland.gov.uk/LIFT.