Fairly new on the property ladder

Lenihan2011

Hello from a Newbie :wave:

To finally get on the property ladder, I had to buy a shared ownership flat. I own 50%. I took out a mortgage for it and have been paying rent along with the mortgage. I am not tied in with my mortgage so can switch without penalty. What I am thinking of trying to do is buy the other 50% of the flat which will then free me from paying rent. To me it makes sense to just pay a mortgage rather than mortgage and rent. This is where I am confused with mortgages, how much would I have to get a remortgage for? Just another 50% or 100%? Where do I begin?? :undecided

bigadaj

Speak to the housing association or other owner of the half of the property and they should advise.

Normally you would get the flat valued, as it may have gone up or down since you bought it, so that the value of the other half can be agreed.

A mortgage should then be more straightforward as you have a wider choice of lenders, however how much equity do you currently have in the property, less than 10% and it could be difficult. You also need to check affordability and ensure that the mortgage is say no more than four times your salary, assuming no significant other debts or liabilities.