A reader asks if they can secure 100% ownership and get a buy-to-let mortgageQ I am currently living in a shared ownership property that I jointly own with my wife. We have a 25% share of the property which is valued at £82,000. The full value of the property when we bought it in March 2021 was approximately £328,000. We bought this with a five-year mortgage with a fixed rate of 2.2% and we’ve been overpaying the maximum 10% of the overall mortgage without incurring an overpayment penalty.Would it be possible for me to remortgage for 100% ownership as a buy-to-let? If so, what would the procedure be? We can pay off the mortgage for the share of the property we own (there is about £50,000 remaining of the mortgage), as I’ve come into a bit of money through inheritance. Is it a case of staircasing to 100% while applying to a bank for a buy-to-let mortgage?UM Continue reading…
Source : theguardian.com
Read more…Can we buy our shared ownership property outright and let it out?
