BUYING MORE SHARES

income, spending, ID and address evidence, as well as proof of your deposit,’ she says. ‘We’ll then submit an application to your lender after discussing your options with you, to get you the best deal – one size definitely doesn’t fit all. Not all lenders offer shared ownership mortgages, however the majority of high street lenders are happy to do so. We’re finding that shared ownership buyers are currently getting the same competitive rates as people buying on the open market.’ before proceeding. Shared owners are responsible for maintenance and repairs of their homes, while the housing provider looks after communal areas and grounds.

Shared owners have the option to buy more shares, called staircasing (see next page) with some eventually owning 100 per cent of their home so they no longer pay any rent. Extra shares are normally available in minimum tranches of 5 to 10 per cent of the current market value, and you’ll have valuation, conveyancing and possible mortgage fees to pay every time.

Nick Lieb, left, head of operations at Share to Buy says: ‘A common misconception is that your homebuying journey ends with the initial share purchase. This is far from the case as you can purchase additional shares in your home through a process called staircasing.’ worth. Unless you’ve staircased up to 100 per cent ownership, under the terms of your lease the provider first has to try to find a buyer. If, after a fixed period – typically six to eight weeks – it hasn’t sold, you can market it through your chosen estate agent.