Shared Ownership Staircasing Options

Little_Bunny

Hello,

Apologies if I could have gleaned the answer from some other post but was hoping for some advice on how to staircase on my current property. In August 2015 I bought a 50% share in a one bedroom flat and my mortgage product renewal is October this year which is when I hope to staircase. As long as my contract is extended on the same rate (which is likely) I have been advised by a mortgage broker I can likely staircase to 100%.

My question is, however, is it possible I can staircase to 100% but getting a 50% mortgage on the remaining shares but not including the original mortgage so that goes into the SVR. The reason I was hoping to do this was so I can overpay that original 50% mortgage as much I can and just pay the new mortgage as normal. My broker said I would have to combine the two portions but I’m sure I’ve heard colleagues who did SO years ago say they bought 50%, then 25% etc.?!

Also what would make my way beneficial, as in I know I would need to pay more than the 10% mortgage overpayment allowed each year but other than that is there a method to my madness?! Or should I just tie myself into a bigger combined mortgage?

Hope that makes sense, and happy to give values if needed.

Thanks!

LB