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Staircase shared ownership
Lv28061
Posts: 8 Forumite
Hi,
3 years ago I bought a 35% share of a flat and I think I can now afford to staircase up to at least 80% maybe even to 100%. However, I am only about 7 months into a two year fixed rate mortgage with Santander.
My question is whether it is likely that I'll have to pay the 3% early repayment charge if I wanted to staircase as presumably I'd need a completely new mortgage. Or is there any way round this or another option I could pursue, e.g. Additional mortgage? This would equate to about £2k in addition to all the other costs associated with staircasing.
Thanks
3 years ago I bought a 35% share of a flat and I think I can now afford to staircase up to at least 80% maybe even to 100%. However, I am only about 7 months into a two year fixed rate mortgage with Santander.
My question is whether it is likely that I'll have to pay the 3% early repayment charge if I wanted to staircase as presumably I'd need a completely new mortgage. Or is there any way round this or another option I could pursue, e.g. Additional mortgage? This would equate to about £2k in addition to all the other costs associated with staircasing.
Thanks
0
Comments
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Go back to current lender for additional borrowing to avoid ERP.
Legal costs definite and stamp duty probable on staircasing, subject to price and how property was purchased originally.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0
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