We'd like to remind Forumites to please avoid political debate on the Forum... Read More »
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Shared Ownership Question
Options
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
-
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
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 351.1K Banking & Borrowing
- 253.2K Reduce Debt & Boost Income
- 453.6K Spending & Discounts
- 244.1K Work, Benefits & Business
- 599.1K Mortgages, Homes & Bills
- 177K Life & Family
- 257.5K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 37.6K Read-Only Boards