Staircasing means you purchase additional shares in your shared ownership home, moving towards owning your property outright.
Can I afford to staircase?
This is likely to depend on the amount of money you have available, usually through a mortgage. The mortgage market has changed rapidly over the last few years and many people, who previously were offered larger mortgages, are no longer eligible for them.
You should see a financial advisor to determine how much you can afford to borrow. If you are in negative equity you will not be offered a mortgage unless you can clear it from another source.
What other things will I have to pay?
- The valuation fee
- Mortgage fees, such as, arrangement fee and lender’s valuation fee
- Your solicitor’s fees
- The cost of the extra share
- Any negative equity
- If you are purchasing a share with a value of more than £125,000 you may be liable to pay Stamp Duty Land Tax.
Please contact your Neighbourhood Housing Officer if you are interested in this scheme.