Shared ownership staircasing mortgage

Beko

Our home is worth around £220, 000 and we own 45%. Our mortgage is with Halifax, who required a 20% deposit ao we put just over 20 grand down originally. We’d like to staircase to 100%. We definitely earn enough to be leant the money, but Halifax still need 20% deport which means finding another 25 grand. So what I’m trying to find out is:

Do we have to stay with Halifax? Are we restricted to Shared Ownership mortgages or could we go with any type if we were going up to 100%?

Would our original 20 grand deposit count towards the deposit if we were to re-mortgage? So if could find someone willing to lend on a 10% (ish) deposit, we’d be able to borrow more without putting any more money down?

thanks

kingstreet

You should be able to purchase the remaining equity, using a 90% mortgage with another lender.

If the property value is £220k, you'll need a mortgage of £198,000 (90%) that will give you £121,000 to purchase the remaining share from the HA and you'll have upto £77,000 to pay off Halifax and cover your fees and costs.

How much do you have outstanding on your current mortgage?

Did you pay stamp duty when you bought your first share of the property, to cover any potential "staircasing" later?