Buying further shares in your home
You can buy more shares in your home after you become the owner. This is known as ‘staircasing’. When you buy more shares, you’ll pay less rent. This is because the amount of rent you pay is based on the landlord’s share.
You can usually buy shares of 10% or more at any time. Some Shared Ownership leases allow you to staircase up to 100%. There are some that are capped at 70%, 75% or 80%. The cap is to ensure there are Shared Ownership homes locally for future generations.
Before you buy a shared ownership home, ask us for the ‘key information document’ to check what share amounts you’ll be able to buy in the future.
You’ll need to pay for a valuation by a surveyor who is registered with the Royal Institution of Chartered Surveyors (RICS) This is because the cost of your new share will depend on how much your home is worth when you want to buy the share.
If you decide to buy more shares, you must buy them within 3 months of the valuation date, or the home will need to be revalued.
If you need legal advice when you buy a share, you must pay your own legal fees. If you borrow money to pay for additional shares, you will need a legal adviser.
You can read our Guide to Staircasing below or if you prefer you can download a copy here.
Getting mortgage advice
With so many mortgage lenders available, the task of speaking to lots of different banks and building societies could sound like a daunting prospect. Don’t worry, there are specialists to help.
We work with organisations who specialise in providing advice in relation to Shared Ownership mortgages and Staircasing.
They offer advice on what you can afford, and importantly sustain, as well as the many products and offers available.
Please contact one of the organisations below.
Not ready to speak with a mortgage broker? You can try our mortgage calculator to get an indication of monthly costs.