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Staircasing to 100%
Unicorn10
Posts: 12 Forumite
Hello all.
Looking for some advice.
I currently own 50% share in an apartment.
The other 50% is owned by a housing association.
They have agreed to let me staircase to 100% owning the property. It will be leasehold by the way.
I currently have a Shared Ownership Mortgage with Leeds building society.
My question is, if I staircased to 100% would I need a new mortgage and hence need a 5%/10% deposit?
Thanks in advance
Looking for some advice.
I currently own 50% share in an apartment.
The other 50% is owned by a housing association.
They have agreed to let me staircase to 100% owning the property. It will be leasehold by the way.
I currently have a Shared Ownership Mortgage with Leeds building society.
My question is, if I staircased to 100% would I need a new mortgage and hence need a 5%/10% deposit?
Thanks in advance
0
Comments
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Speak to Leeds Building Society...? I am sure they can advise you correctly.0
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You may be able to use the equity you have in the property. What is it worth and how much do you owe on your mortgage?0
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You will normally need to have 10% equity in the full value of the property once staircased.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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I owe 64k (50%)
Currently valued at 57k for 50%.
So in negative equity.
Was looking to sell my 50% but decided to try and buy it out right and rent out0 -
So you want a 106% mortgage? I think you will struggle. (Or have you got money aside?). If so how much?0
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