50% mortgage

rickymicky

Hello i was just after a bit of advice
I have a mortgage for 65k which is 50% of the property and i pay just over £360 a month and am overpaying £340, i only started doing this last month.
The reason i only got a 50% mortgage is because im a first time buyer and bought around 18 months ago and hardly any bank wanted to lend me enough money.
I also pay a rental amount for the other 50% of the property and it is around £270 including service charge as its a flat.So really i pay around £170 rent as i would have to pay the service charge even if i owned all of the property.
My question is does anyone think i should try and up my stake in the property? I dont think i am going to be here in the long term as its a one bedroom new build flat and really just wanted to get back on the ladder.

Hope i can get some advice

Cheers

Tiniker

Hi, well done on your OP's!!
If u don't plan to stay long term there, it doesn't make sense upping your stake. Because u would have to pay solicitor fees etc for buying the other half, this money could be put towards your next buy or an overpayment.
Hope that helps with your decision.
Good luck
Tini x