Shared Ownership - Remaining Purchase... Help!

Deleerious

Hi all,

As lame as it sounds I always turn to MSE and your help never fails to let me down!

I have been in my shared ownership flat for 5 years. Owning 75% of it. With the intention of selling it, it went on the market. We had a buyer went all the way through the various valuations (the 25% owners Oribt required) and solicitors etc and sadly its fallen through.

I'm sadly resigned to thinking that the only way I will ever get rid of it will be to buy the remaining 25% and P/Ex it on a house. We have a dog now and my wife is expecting our first child so we need the space and a garden!

So, I currently own 75% @ £105,000.00. The flat has recently been valued at £105,000.00 so I would need to borrow £26,250.00. What would my be my best solution to getting this mortgage? I can get a 10 - 15% deposit for the £26,250.00 no problem but would there be issues considering it's still "shared ownership" and finding a lender? I know after 1 year of owning 100% I can P/Ex / do what I like with it.

Your advice sought please.

Thanks in advance,

David

Conrad

David, usually the first port of call is your existing lender. You need to 'staircase' - really another form of traditional further advance.

Otherwise some large lenders like Halifax and Nationwide can consider a S/O remortgage but you will get no more than about 90% of the £105k.

Deleerious

Thanks very much for that, that's great.

I did speak to the existing lender a while back about additional lending to buy out the rest but I think it put the LTV upto about 95% so they were unable to help.

Many thanks for the info on the Nationwide and Halifax. I'll be sure to give them a look in.

Regards,

David

GhostDog_2

Apologies David for hijacking your thread but we have a similar situation and after using the search facility re S/O etc arrived here....:)

We bought 60% of our 3-bed terraced house 4.5yrs ago on a 100% 5 year fixed rate mortgage. Happy with home and no intention to move.

Received an email today re staircasing which included a 'staircasing calculator'......played with the figures etc and assumed property has remained at similar purchase value (it raised a further 20k after we bought it) and it suggested we could purchase the remaining 40% but still pay less than we're paying now.... :T

Keeping it simple;

We have no spare cash to put in to new mortgage deal but we are with Halifax so does anyone know if we remained with them if they would agree to us mortgaging to purchase the other 40%? Clearly if we owned 100% then we'd save on not paying rent which would help.

It seemed too good to be true....what are we missing?