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goatz

Shared Ownership And Remortgaging

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Hi guys,

I was just hoping someone might help me with this.

I have found a place which is part of the share to buy scheme which I think is good value for money.

It is a 75% share with the housing association and a full value of 290k. I meet the ineligibly requirements, i.e. live locally, first time buyer, with the right salary.

However, I can afford to mortgage the full value. I plan to buy shared ownership as I think this place is under market value, then once I have the keys I will 'staircase' to the full 100% ownership. The agency said I can staircase immediately if I wanted to.

I assume I will need to remortgage for this? how quickly can I remortgage? and how are the fees with this?

Is this the right approach?

P.S I have a very large deposit (100k)

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Go for it! The timing is perfect.

+1, why not try to get a 2nd one. Say instead of 75% on one, go for 37.5% on 2. IT makes sense when you do the numbers! Just put it in your misses or kids name (never too early to get a foot, or toe, on the ladder!). If you don't have a kid yet, buy one for your unborn child. As you know its never too early to get on to that all important ladder.

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+1, why not try to get a 2nd one. Say instead of 75% on one, go for 37.5% on 2. IT makes sense when you do the numbers! Just put it in your misses or kids name (never too early to get a foot, or toe, on the ladder!). If you don't have a kid yet, buy one for your unborn child. As you know its never too early to get on to that all important ladder.

Its not a ladder it is now called a staircase

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Is the place your buying a flat or a house?

Is it leasehold or freehold?

Usually when you staircase, you will need to pay for the property to be revalued, therefore there will be surveyor costs + legal costs if you do decide to buy more shares which I have been told can be quite expensive.

How old are you and how did you manage to get 100k deposit?

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