Shared ownership buying more shares so confused

Rossplymouth

Hi guys I have a 50% share in my house and my mortage is due for renewal end of September this year and I would like to buy more shares, the house group that own the other 50% said I need to get a valuation done before I do anything else but I have been googling and lots of people say I should go and see my mortage advisor first to make sure I would be able to buy more shares. Can anyone help me out please because this is driving me crazy.

Marina2016

If you have a rough idea of the full value of your house you can consult current mortgage company/mortgage broker to see the value of share you would be able to purchase (basically an affordability assessment). Then if you want to proceed you can get the valuation done and make a formal mortgage application. The valuation is likely to cost around £200 so worth working out first that buying more shares is viable and something you want to proceed with.

haras_nosirrah

Hi. I am an independent mortgage broker who has been on a housing association shared ownership panel for 10 yrs

The normal process would be

1) - speak to a mortgage broker to make sure that the borrowing is theoretically possible before doing the survey (no point paying 2-300 if you can't get a mortgage). look on zoopla to get an idea of what the property may be worth

2) get the valuation done and get it approved by the housing association

3) proceed with the mortgage application and instruct solicitors

the valuations from housing associations are usually valid for 3 months so you need to time it as if your rate is end sept expiry then you want to do the valuation beginning july to give you as much time but without risking the valuation expiring

hope that helps