Shared Ownership Remortgage

tphillips84

I bought a house with my wife just over two years ago and got our mortgage for a shared ownership property then valued at 185k from HSBC and we currently own 60%.
We can buy out more but can only do so in 3 increments what i want to know is how simple would it be to remortgage now and try to get the whole amount so we can buy out the remaining 40% in one go? This our first house and i get confused easily when it comes to this sort of thing

kingstreet

At this time, this is less about the mortgage and more about the HA's staircasing rules.

I suggest you contact them to establish the options open to you, then consider the mortgage situation.

tphillips84

kingstreet wrote: »

At this time, this is less about the mortgage and more about the HA's staircasing rules.

I suggest you contact them to establish the options open to you, then consider the mortgage situation.

We are allowed to buy as much as want but only get 3 chances to purchase more of the house to obtain 100%

kingstreet

What's the minimum percentage you can purchase?

Will there be stamp duty implications, or did you make a market value election when you first purchased?

Will the HA require a valuation by a surveyor?

Once you have an idea of the above, you can then look at the mortgage implications. Are you going back to your current lender for further borrowing? Are you looking for a whole new mortgage for the total you need?

Going back to your original question;-

how simple would it be to remortgage now and try to get the whole amount so we can buy out the remaining 40% in one go?

The process involved is the same, so no easier and no more difficult to staircase upto 100% as it is upto say, 75%.

Your personal circumstances are going to dictate what is, or isn't possible.