Best plan for shared ownership

martyp

Hi all,
I wasn't sure where best to post this one sorry.
Basically, I bought my house 50% shared ownership for £55k in 2005. I have just over £35k left now, paying £167 a month mortgage on 2.09% for 3 years until June 2022. Overpayment on top of that of £150 and paying rent to the HA at £186 a month.
I don't know based on my income if I can buy the other half so am just trying to overpay the mortgaged half as quick as I can afford to thinking that the less I have of that the more chance I have to get the additional borrowing for the other 50%
At the current rate it suggests it would be paid off in about 12 years. Hoping that house prices either stay around the same or drop to improve my chances of affording the other half too.
Without knowing how house prices might change does that plan sound sensible or should I focus more on getting the other half more than paying off the half I own?

martyp

Just to add the suggestion on zoopla is the other half being between £50k and £70k roughly. I had a valuation for my last remortgage in 2019 which said around £105k

Rachielovescats

I’m just buying a shared ownership home at them moment. My plan is to save whatever I’d have spent on a mortgage overpayment. Then, I can staircase with my own cash rather than get a mortgage for the other half. My mortgage is fixed rate for 5 years and the rest will increase each year! 

martyp

That sounds like a good plan Rachielovescats. I was hoping to buy the other 50% if I could to save the legal fees etc when staircasing by smaller amounts. My housing association did offer a £500 cashback incentive to staircase once but it was 2008 and I was out of work at the time so couldn't get the extra mortgage. I think they were concerned about house prices dropping and trying to cut losses.