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Mortgage advice needed for staircasing on remaining 50%
mooman900
Posts: 1 Newbie
Hi all,
I own 50% of a flat on a shared ownership scheme. I purchased 50% of the property at £155k so £77.5k. Unfortunately I estimate the property to be worth only £120k now. I have £60k left to pay on my 50% so basically I have no equity.
The remaining 50% to staircase would be £60k. I have 10%deposit available for this so would I be able to get a second mortgage for this?
I'm presuming that I cannot remortgage to the full 100% due to me having no equity.
I own 50% of a flat on a shared ownership scheme. I purchased 50% of the property at £155k so £77.5k. Unfortunately I estimate the property to be worth only £120k now. I have £60k left to pay on my 50% so basically I have no equity.
The remaining 50% to staircase would be £60k. I have 10%deposit available for this so would I be able to get a second mortgage for this?
I'm presuming that I cannot remortgage to the full 100% due to me having no equity.
0
Comments
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You need 10% of £120k and affordability for a £108k sized mortgage, otherwise the proposition won't work.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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