Staircasing with different lender

huseyin_y

Hi,
I own %70 of a shared ownership flat with a lender five years fix rate. Just wondering if i can go with another lender for remaining %30 with some deposit, if i can afford.
Anyone knows if that is possible or not?

bertiewhite

https://forums.moneysavingexpert.com/discussion/comment/74399568#Comment_74399568

kingstreet

huseyin_y wrote: »

Hi,
I own %70 of a shared ownership flat with a lender five years fix rate. Just wondering if i can go with another lender for remaining %30 with some deposit, if i can afford.
Anyone knows if that is possible or not?

Not unless you intend to approach a second-charge lender.

"Mortgages" work on the basis the lender will have the first charge over the property and in your case that's not possible because your current lender already holds it.