Remortgage my shared ownership house

khanbabarkhan

Hi,
i would very much appreciate if someone can help me with my question.
i have purchased shared owndership property last year with 25% share.
now i am planning to buy full property by end or this year.
is this possible that i can ask the lender to remortgage the full property without me paying anymore deposit?
i mean house price is £400, 000
i bought 25% share last year that was £100,000 and paid £10,000 deposit.
now can i ask bank to remortgage for £450,000 and use that £50,000 as my deposit to remortgage full property without any help to buy etc.
please advise if any lender is doing something like or any better solution.
Thaning you in advance.

h240

Do you mean stair casing? You say remortgage and that you want to own the full property by the end of this year? Stair casing is what you do with shared ownership do buy more shares of the home. (We did this a year ago) you’ll have to pay stamp duty etc but your housing association and maybe the broker you used before would be able to help.

asm89

Simple answer to your question is no, you can't remortgage for more than the property is worth. The deposit will need to come from savings, your existing deposit and any equity you have in the property

Contact your housing association to understand the staircasing process. You will need to get the house revalued as a starting point to understand your equity.

You will also need to be on a salary (single or joint) of around £80000, to be able to get a mortgage of £360000, assuming the value is still £400k and you only need a 10% deposit.

khanbabarkhan

asm89 wrote: »

Simple answer to your question is no, you can't remortgage for more than the property is worth. The deposit will need to come from savings, your existing deposit and any equity you have in the property

Contact your housing association to understand the staircasing process. You will need to get the house revalued as a starting point to understand your equity.

You will also need to be on a salary (single or joint) of around £80000, to be able to get a mortgage of £360000, assuming the value is still £400k and you only need a 10% deposit.

Hi Asm89,
thanks for your reply. i have read on moneysavingexpert about loan consolidation that covers your loan etc and you can mortgage house with loan money etc.
do you know anything about that?
please let me know.
Thnaks

khanbabarkhan

h240 wrote: »

Do you mean stair casing? You say remortgage and that you want to own the full property by the end of this year? Stair casing is what you do with shared ownership do buy more shares of the home. (We did this a year ago) you’ll have to pay stamp duty etc but your housing association and maybe the broker you used before would be able to help.

Hi,
thanks for your reply. yes i meant staircasing. i have read about loan consolidation on moneysavingexpert in that way you can ask the lender to mortgage the house and pay off your loan too.
do you know anything aboout that?
and if you dont mind how much did you pay to mortgage your house and how much income was required to show?
thanks