Buying more shares in your shared ownership home
Staircasing - a guide to buying more shares in your shared ownership home
Staircasing is the process that lets you buy more shares in your home, as and when you can afford it. This means you’ll pay less rent and own more of your home.
A small number of Home Group homes can’t be bought outright, but any limitations on the number of shares you can buy will be set out in your lease.
Benefits of staircasing
The main benefits of staircasing are that you’ll pay less rent and could eventually own the maximum share allowed by your lease. You can also choose when to staircase, doing it as and when you can afford it.
While your mortgage and rent payments may change, there are a number of other costs and processes associated with staircasing that you should be aware of - from valuation reports to solicitor fees.
Metro Finance's Shared Ownership Staircasing Calculator will help you understand what might be affordable to you.
It’s also important to speak to your mortgage provider, an independent financial advisor and your solicitor to make sure you understand all the costs and processes involved before you start.