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Publication - Guidance

Open Market Shared Equity (OMSE) administrative procedures: 2017

Published: 25 Oct 2017
Part of:
Housing
ISBN:
9781788513555

Updated guidance for administering agents on the Open Market Shared Equity (OMSE) scheme's administrative procedures.

166 page PDF

1.4MB

166 page PDF

1.4MB

Contents
Open Market Shared Equity (OMSE) administrative procedures: 2017
Section Five: Owners wishing to Remortgage their property

166 page PDF

1.4MB

Section Five: Owners wishing to Remortgage their property

5.1 An owner may wish to remortgage and possibly move from one lender to another. Administering Agents 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 Administering Agent and Scottish Ministers) when remortgaging their home. Administering Agents must provide information on costs to the owner as soon as possible.

5.3 The Scottish Government has prepared After Sale Shared Equity Procedures for use by Administering Agents administering the Scottish Government's LIFT Scheme. The document contains sample emails and correspondence to be used when a property is remortgaged.


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