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advice on remortgaging Shared Ownership
windmill26
Posts: 208 Forumite
I hope that some members that have been in the same situation before me have some advice...here we go...
We own 25% of a shared ownership apartment ,our mortgage is up for renewal in the next few months.We would like to stay with the same lender and ideally staircase to a bigger share (possibly up to 40%).My question is; is it possible to renew the mortgage for the 25% share and staircase later on ? or we would have to do it at the same time? Lets say that the Bank valuation is up from the last time we remortgage but the surveyor valuation (that I have to do and pay for to be able to staircase) is way less than the bank valuation...how is this difference going to affect the remortgage if we do it at the same time of staircasing?
Any advice is welcome:)
We own 25% of a shared ownership apartment ,our mortgage is up for renewal in the next few months.We would like to stay with the same lender and ideally staircase to a bigger share (possibly up to 40%).My question is; is it possible to renew the mortgage for the 25% share and staircase later on ? or we would have to do it at the same time? Lets say that the Bank valuation is up from the last time we remortgage but the surveyor valuation (that I have to do and pay for to be able to staircase) is way less than the bank valuation...how is this difference going to affect the remortgage if we do it at the same time of staircasing?
Any advice is welcome:)
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