Shared Ownership + Fixed Term Mortgage

liam3009

Hello,

I'm new to this forum but just wanted to ask a few questions as I'm trying to get my head around something!

I bought a 50% share in a property in July 2018 as a first time buyer.

Full price: £230k
Share price: £115k
Deposit: 25k

My mortgage was two years fixed term so that ends July 2020.

Current mortgage and rent together is £630 per month.

What would you advise as the best process for me next? I may be able to afford to get a bigger share now.

Thanks in advance for your help and sorry if something like this has been asked before!

haras_nosirrah

I have been a shared ownership mortgage specialist for 12 years.

If you want to staircase then the best time to look into it is about 4-5 months before to see what is possible. Mortgage brokers can advise what you would need to borrow to staircase to 100% or what your max would be if you can't get that high (you need a broker who knows shared ownership to calculate the amount you need and if you can't get to 100% then how much the rent would be at the max you can get to)

The shared ownership valuation is only valid 3 months so once you know what you can do you will need to wait until you are within that window to book the valuation. Once the valuation comes back you can submit a mortgage application.

I hope that helps