Staircasing to Buy 100% SO Property

lauraza

Hi all,

Just beginning my research on buying the other 50% of my SO property, I have no idea how this works in terms of my mortgage. Will I require a deposit of some kind? Can I simply increase the mortgage I have with my current lender? Is this a good time to do this in the current climate?

Any advice appreciated, my family seem to think this is a good idea to do it now as house prices and hence the valuation to buy the other 50% should be lower moment - but want to do my research first. Thanks

Dan_1976

You should contact your current lender. Most offer this service but you will need to have some equity in the property or have cash to put in with the new advance. You can also move lenders but I imagine it easier with your current.

lauraza

Does anyone else have any experience of this?

devon_guy

You will have to apply to your housing association to request that you want to increase your share. You then have to pay them to get an independent valuation done. Once that has been performed you can then decide how much if at all you want to staircase by.