Staircasing on shared owenership

mattsaze

I’m in a shared ownership property (35% share). My fixed rate mortgage ends in May and am looking to staircase. The issue is that part of my deposit is dependant on inheritance that will be distributed at some point this year when a property is sold (I’m also executor, so that process is ultimately my decision).
My question is what to do. Do I do a short term fix (e.g 2 years) and look to staircase, possibly to 100% ownership, at the end of that. Or do a longer fix and potentially staircase part way through the mortgage and probably end up with two mortgage products (original 35% and the remaining 65%). 

Altior

Where does a deposit come in? In my experience, staircasing was treated as additional borrowing. I was given an option of having two separate loan products within the same mortgage, or combining them but that second option needed an all singing and dancing full mortgage application. Possibly this experience differs between providers, but as it was treated as additional borrowing, the rate was slightly higher than the lender's remortgage rates.

You might be best off switching to a tracker to have the overpayment flexibility until access to the inheritance is liquid. 

JustMe18

Hmm I have also shared ownership - didn't know you need a deposit??  In our case we wouldn't need it ( we are with Leeds)