SO staircasing and mortgaging the next chunk

[LoopyLu2019]

Hi everyone, I know there are a lot of SO threads at the moment but I don't want to derail them onto this more specific topic.

If you have staircased, did you need to supply any new cash deposit?our income is higher now so can borrow more. When we come to renew our mortgage in just under 12 months I'd like to see if we can staircase. We wouldn't be able to scramble much of a Cash deposit for another chunk on top of fees associated with stair casing (if we could we would look at selling up and moving) but if we can just use our existing equity and our higher lending potential to get another 10-20% that would be amazing.

Also how much did it cost you in fees to stair case?

I think it depends on how much equity you have. For example, if the equity is 20% of the new higher share, then that will be fine. You will just get a mortgage based on your LTV.

Thanks! Got to hope the house hasn't lost too much value that we have good equity in it! We're in good standing if it's similar to what we paid for it (new build so got the initial depreciation)

Staircasing your shared ownership property

Should be easy!

The best way to do it is by contacting your housing associations or if you are in the process of looking for a shared ownership property ask your housing association all of these questions.

Make sure you know the options before you sign up

Hi Indy, thanks. I know my HA's process inside out and as said in the original OP I am a SO. It's the mortgage side I'm looking for people's experiences as some have said they needed to supply fees + 15% deposit in cash to increase their mortgage rather than just using equity in existing mortgage as deposit on their new mortgage.