Shared Ownership and Staircasing Help!!!!!

NeariK

Hey Everyone! 

First time poster here!!! 

I am hoping someone can help me or point met to information and I am lost. 

I was super fortunate nearly 2 years ago to get onto the housing ladder under the shared ownership scheme, quite a feat during the pandemic. 

I managed to purchase a 25% share in my home with the remaining 75% through a housing association. 

I started a new job this year where I have been promoted (honestly my luck has continued and I am incredibly fortunate). The money they have offered my salary is 82K which has been a huge jump since I got my home two years ago. I love my home, I want to stay there and look to purchase the 100%.

My question is that the rule to purchase the property you needed to not earn more than 80K out of London to get onto the scheme but now I potentially earn over this am I still allowed to staircase to 100%? I have looked all over and cant find any information if this will stop me staircasing. 

Does anyone have any advice? 

dimbo61

Your already in the scheme as you own ( or part own ) a property.
If you can now remortgage and staircase upto 100% I would go for it .

london21

At the point of purchase your income met the criteria. 

Now that your income has increased,  you can staircase 

Contact your housing association or the relevant company to find out the procedure. 

From what I have read online,  you can staircase based on the current market value the property is valued at.  

With regards to mortgage are you due for a re-mortgage otherwise there might be ERC to consider.