Hello from a Newbie :wave:
To finally get on the property ladder, I had to buy a shared ownership flat. I own 50%. I took out a mortgage for it and have been paying rent along with the mortgage. I am not tied in with my mortgage so can switch without penalty. What I am thinking of trying to do is buy the other 50% of the flat which will then free me from paying rent. To me it makes sense to just pay a mortgage rather than mortgage and rent. This is where I am confused with mortgages, how much would I have to get a remortgage for? Just another 50% or 100%? Where do I begin?? :undecided
To finally get on the property ladder, I had to buy a shared ownership flat. I own 50%. I took out a mortgage for it and have been paying rent along with the mortgage. I am not tied in with my mortgage so can switch without penalty. What I am thinking of trying to do is buy the other 50% of the flat which will then free me from paying rent. To me it makes sense to just pay a mortgage rather than mortgage and rent. This is where I am confused with mortgages, how much would I have to get a remortgage for? Just another 50% or 100%? Where do I begin?? :undecided