Shared Ownership - Possible buy more/staircase up?

Lunartick

Hi,

I am wondering if someone maybe able to shed some light on my current situation.

I bought into a shared ownership house in April 2007, 2 Bed Semi:
House price - £116,850
50% share - £58425

Mortgage is with Nationwide, was 2 year fixed, but now on their SVR 2.5% and mortgage down to £47000. I pay rent of ~ £175 on the HA 50%.

In the last few months my next sold for £90000, exactly the same house as mine. My house was new build in 2006. Other houses around 30 years old similar to mine, 2 bed semi, around me are also currently up for £85k/£90k.

I currently earn around £18k, with no savings.

What I am wondering is if there might be any possibility or what the chances of increasing my current or a getting a Mortgage for 90k, say 100% mortgage on my house assuming it is worth that.

Any help or advice appreciated, thanks.

harvey115

£90K would be 5 X your annual gross salary.

Although some lenders do this, it is highly unlikely they would prefer your cas due to the fact being in shared equity and also the involvement of the Housing Association.

Having said that, experienced forum users/financial adviser should be able to give you correct answers. As I am none.

getmore4less

Check the terms of the purchase of extra bits and the costs involved.

Your rent is 3.6% on purchase value and around 4.7% on current value so trying to raise funds makes sense if you can get it below this rate.