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Shared Ownership Question
ancient_mariner
Posts: 5 Forumite
Hi, I am wondering if anyone can help me.
I currently live in a shared ownership property. I own 30% of the house which was valued (3 years ago) at £150,000. This means that I have a mortgage for around £45,000.
I am now earning more money and am interested in what they call 'staircasing' which is where you can buy more of the property.
This may sound silly, but how do I find out how much my current mortgage lender will allow me to extend it to? I don't want to start the proceedings if they won't increase it by that much. I would look at getting the biggest share possible, maybe even 100%, but I don't really know how to tell if I can afford it.
Also, if I did increase the share, would it just be like an extension to my current mortgage?
Thanks a lot
I currently live in a shared ownership property. I own 30% of the house which was valued (3 years ago) at £150,000. This means that I have a mortgage for around £45,000.
I am now earning more money and am interested in what they call 'staircasing' which is where you can buy more of the property.
This may sound silly, but how do I find out how much my current mortgage lender will allow me to extend it to? I don't want to start the proceedings if they won't increase it by that much. I would look at getting the biggest share possible, maybe even 100%, but I don't really know how to tell if I can afford it.
Also, if I did increase the share, would it just be like an extension to my current mortgage?
Thanks a lot
0
Comments
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You could phone them up and ask them!I am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, 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.0
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