I am hoping I can get some advice regarding shared ownership. I own 50% of a shared ownership flat and pay the mortgage plus rent.
The total amount of the mortgage and rent comes to a hefty sum which I pay out every month. I was wondering if I could get a mortgage for the other 50%, which would give me 100% ownership of the flat, plus I would not have to pay the rent. Would I be looking at a remortgage of the total amount of what the flat is currently worth? Or would I look for a mortgage of just the other 50%? Sorry I am no good when it comes to mortgage no hows and hope that someone out there knows enough to offer advice. Thanks in advance.
The total amount of the mortgage and rent comes to a hefty sum which I pay out every month. I was wondering if I could get a mortgage for the other 50%, which would give me 100% ownership of the flat, plus I would not have to pay the rent. Would I be looking at a remortgage of the total amount of what the flat is currently worth? Or would I look for a mortgage of just the other 50%? Sorry I am no good when it comes to mortgage no hows and hope that someone out there knows enough to offer advice. Thanks in advance.