Buy a second home - shared ownership

blezard

I own a 25% share in a shared ownership property. The logical step is to staircase to 100%. However, I would like to buy a different home with my wife with a new mortgage.

I understand there will be extra stamp duty and deposit required but would it be ok to keep hold of the 25% share in the property (as I still use it for work purposes for half the week)? It would no longer be the primary residence but we would like to keep it as it is for the timebeing, rather than sell it.

Mortgage_Adviser

In principle it could work however you are unlikely to be able to let the shared ownership place out as there would be a clause preventing you from doing it.

The lender for a new mortgage for new house will assess your affordability on you having 2 mortgages and a rent to pay on a first property so affordability will be affected massively here

LillyLT

Hello, can i ask for advice on my case. I am already on shared ownership scheme with my husband and we own 30% of the property and I recently received inheritance. Again instead of doing the logical thing and buying additional shares I would like to buy a second property, as cash buyer without mortgage and continue to slowly climb up the ladder on my existing shared ownership property. Would that be possible or does the shared ownership scheme restrict you to own only 1 property until you own 100%?