Shared Ownership - can remortgaging help me staircase?!

LV84

Hi there,

I bought my shared ownership flat 5 years ago and I am now out of my fixed term mortgage with Leeds. I currently have a 25% share on my flat @£72k and have managed to reduce this to around £60k.

I want to buy a greater share and get as close to ownership as possible - I’m sick of the increasing rent costs thanks to L&Q and also I’d like the freedom to move in the next 5 years.

I have very little in terms of cash savings but earn a decent salary @£70k. Question I have is would I be able to remortgage and release equity to use as a staircase deposit, or can I apply for a remortgage and somehow staircase if a lender offered me more? Or should I get a low interest loan for a staircase deposit?!

If anyone knows any good shared ownership mortgage brokers do let me know.

I’m clueless so any help much appreciated!!

haras_nosirrah

I am a broker who has specialised in shared ownership for 10 years

You can certainly staircase via remortgaging as long as you have at least 10% of the value of the property in equity or savings and subject to affordability and credit score. If you have enough equity in the property (difference between value of your share and the outstanding mortgage) you may not need any savings at all