Remortage to gain 100% freehold of shared ownership home

xlt_hunter

Hi all,

Can someone point me in the right direction please - next april/may time will mean that my current 2 year flexible rate (capital + interest) with Abbey will be coming to an end and will go up to whichever their current rate is, currently I think without getting the paperwork out I am on the rate of BOE base rate + 0.45% which at the moment is sitting at 4.95%. With this rate I am very happy with, but in true MSE style I want to get that down.

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Now my details that I will would like help in.

My home at the moment is on a 50/50 share ownership scheme with a housing firm. I currenly pay mortgage of £194 per month with rent of £150 on the remaining 50% share.

What I would like to do next to "staircase" my home to 100% from the 50% (I can only do it in 25% steps - 50% to 75% or 50% to 100%) freehold on the mortgage hence getting away from the housing firm + rent (dead money to me) I understand that "i will" be paying more on the money side, but I rather have it going to mortgage other than a non profit firm (yeah right!) - note I am currently paying approx £100-150 per month to clear the only Credit Card with a balance on and I am happy to move this to the new mortgage (capital + interest one) and have been living in comfort like this for the last couple of months without any problems.

My debt of mortage is £32k (approx) and the house has been vauled in estate agents at approx £90k (was £93k a few months ago) I have gained in effect a deposit of £13k (14.5% deposit in a way) from the difference of 50% vaule of the house take away the mortgage debt of £32k that I owe.

Salary is my sticking point - I only earn £13.5k at present and would like a mortgage based on "affordablity" not x times your earning as this will not cover the extra £45k I am after to buy out the other 50% from the housing firm. I am over the next 2-3 months working all the hours god send to get the wages up (overtime) to boost my annual salary to get the differnce if I can't get a good affordablity offer.

Other debts to take in account is 1 credit card of £900 at the moment (will be cleared very soon) and 2 other cards with £0.00 on them - I am in the process of drawing up letters to these 2 credit cards firms with nothing on them to close and settle the accounts, same applies for the catalogue (empire) with a £0.00 balance. I have not defaulted in anyways or gone in arrears/missed on any payment at all, no CCJ's either - A credit report has been requested from equifax (£2) to see if everything is correct before I start proceeding to the next stage on the remortgage.

Can anyone give me guide me to which banks/building society are best to go for? - I havn't yet approch my own bank yet (Barclays) on what can they do - but are personnal banks whom you have current account for years, flexible on mortgages and offer a better deal if your a customer of theirs?

One thing I do not want to do (which my brother has done - stupid!) to take out a loan to bridge the gap in the mortgage offered - if offered £68k mortgage but need £77k to buy the house out hence needing a £9k loan to bridge it.

Mike

xlt_hunter

bump. - any help?

I have check with A&L they can get to £73k of the £77k that I am after - so may pop into the local one to have a little chat.