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Shared Ownership - Staircasing
Kcaj94
Posts: 30 Forumite
Hi there,
Just a quick query in relation to staircasing on shared ownership properties.
I currently own 30% of a property under shared ownership and are renting the other 70%.
When I moved in a few years back I was living alone however I have am now in a serious relationship. As such I would like to staircase up to 100% ownership of the property but would like to take a mortgage with my partner for the full value of the property.
Is it possible to buy the whole property by taking out a mortgage in both of our names? Or if I wanted to buy 100% just the mortgage be in my name only? As it is only me currently on the mortgage for the 30%.
Any help is welcomed.
Thanks
Just a quick query in relation to staircasing on shared ownership properties.
I currently own 30% of a property under shared ownership and are renting the other 70%.
When I moved in a few years back I was living alone however I have am now in a serious relationship. As such I would like to staircase up to 100% ownership of the property but would like to take a mortgage with my partner for the full value of the property.
Is it possible to buy the whole property by taking out a mortgage in both of our names? Or if I wanted to buy 100% just the mortgage be in my name only? As it is only me currently on the mortgage for the 30%.
Any help is welcomed.
Thanks
0
Comments
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You can staircase and do a joint remortgage and transfer of equity to have the whole property in joint names.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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Brilliant thank you!0
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