Shared Ownership - Staircasing

xxjaxnexx

We are currently looking into buying a 55% share of 152000£ house.
I know we can afford the mortgage repayments, plus rent, plus service fee and I am somewhat concerned about a rise in rent or service charge, but my main question is about staircasing.
If our mortgage repayments are around 420£ and after say 10 years we would like to buy another 15% of the share, will our mortgage payment go up? I can't get my head around this.
If we don't staircase and just end up 25 years from now with no mortgage, we still only own 55% of the house we live in. What was the point in shared ownership then?

brit1234

With shared ownership properties it seems better to over pay mortgage part early rather than stair casing as it is easier to sell. Housing associations don't like that as it leaves them with more risk but they don't have your concerns at heart.

richardw

After 10 years you'd consider remortgaging, assessing how much equity you'd have, the value then of the property, your incomes and how long the new mortgage could be for.