Shared ownership purchase outright

Cheryl2022

No I'm not on a fixed term so should be able to next without fees 

Cheryl2022

*exit sorry

Altior

Google says

How does staircasing affect my mortgage?

Unless you can afford to pay for the further shares from savings, staircasing will normally involve either taking a further advance from your current mortgage lender or a taking out a new mortgage to cover both your existing share and the new shares from another lender. A change to your mortgage product may result in you having to pay a higher rate of interest which will increase the overall cost of your borrowing.

So it can be done.

Cheryl2022

Great thanks ☺️ 

Mildreds_Earrings

Cheryl2022 said:

Thanks. So my current shared ownership mortgage is with Leeds building society so can I go with a different provider and pay that off on completion? It's so confusing 🫤 
house is worth 220k, my share worth 55k, I owe 23k 

Hello, just checking, was that an estate agent valuation or a RICS valuation? Most shared ownership leases say you must obtain a RICS valuation for staircasing.

Also, as others have said, you need to ensure your lease says you can purchase to 100% as some leases say a maximum, ie 75%

Your Housing Association may have a FAQ about the staircasing process on their website. Oh, and you'll definitely need a Solicitor. 

All the best 🙂 

Cheryl2022

Hi 
yes it's a RCIS valuation and I've checked with HA that we can buy the full 100%. We were originally selling the house but it fell through so thinking we will buy this one and stay here for a while first. 

EssexHebridean

Check whether staircasing to 100% also gives you the freehold too - some do, some don’t - even with houses. 

Cheryl2022

Hi yes I've checked it's freehold once we've bought it