| Shared Ownership Properties | Shared Ownership Mortgages | Getting Started |
In association with:
Staircasing Calculator
Staircasing
For customers who already own a shared ownership property, 'staircasing' is the process of purchasing further shares – including up to outright ownership. For most customers, staircasing is likely to involve a new, larger mortgage. Since 100% mortgages are generally not available, this tool enables you to find out if you are likely to have enough equity in your home to purchase your desired share, and also provides an estimate of how much the new mortgage might cost. There are important notes below the tool on the assumptions we have made.
Important notes
The minimum 'equity' to staircase depends ultimately on the lending criteria of mortgage providers prepared to offer staircasing remortgages. Our confirmation that you should or should not be able to staircase assumes that you could obtain a mortgage with such lenders. This mortgage calculator cannot be used as a guarantee of obtaining a mortgage and is simply confirming whether the amount of equity you possess could theoretically support staircasing to a higher share. In terms of credit history and credit score, you should note that for staircasing with the 'minimum' equity required to potentially obtain a remortgage, you may find that lenders are strict on credit score, compared to applicants with more sizable equity. Moreover, applicants with poor credit history are unlikely to be able to obtain a new mortgage.
Contacting your housing association
Customers looking to staircase should contact their housing association to advise them of their potential interest in purchasing further shares in their home. The housing association will then be able to provide information on the staircasing process (which is likely to involve a revaluation of your property).
Our monthly cost estimate
In estimating the likely monthly cost of any new mortgage, we have run the information you entered into the calculator via our live database of mortgages rates available in the market today, and used this data (e.g. deposit size) to find the lowest mortgage rate you might realistically be able to apply for. The repayments are shown on a 25 year capital repayment basis but the term available will depend on your circumstances. However, we must emphasise that this is no guarantee that in practice you would be able to apply for such a rate, nor is this a recommendation that the rate used would be the best product for you because you would have to take into account a range of items when choosing a mortgage, such as fees.
If you apply for an agreement in principle with the Share to buy mortgage team we will assess all your information in greater depth and provide you with an illustration for a selection of mortgage options that might be suitable for you and this would provide you with full cost information, including fees.
Shared Ownership Case Studies
Latest News
Shared ownership properties for part buy part rent
14th February 2012
If you are looking for affordable housing to buy, we may have the answer. At sharetobuy.com you can search for shared ownership properties available to buy through the part buy part rent scheme. These are properties generally sold by housing associations where you buy a share starting at 25% and pay an affordable rent on the remainder. Start searching now.
100% shared ownership mortgages and great 90% open market deals
20th January 2012
We now have access to 100% shared ownership mortgages. Customers can access zero deposit mortgages for part buy part rent but they must have no adverse credit history. More details here. We have also cut our open market 90% exclusive discount rate with no fees or early repayment charges. Read about our 10% deposit option for young professionals and first time buyers.
Tools
- Search: search for shared ownership properties; search for shared ownership solicitors.
- Calculators: shared ownership mortgage calculator; staircasing calculator; open market calculator.
- Apply: shared ownership mortgages; agreement in principle
Best buy mortgages
Check out our best buy mortgages with exclusive and semi-exclusive deals.
