The next step up
Once you’ve settled into your So Resi home, you might want to own more of it. Thats easy. You just stay in your home and buy a bigger share of it. It's really flexible, so you can step up in time with your budget and your life.
Why is a bigger share a good thing?
Owning more of your home can be a satisfying feeling – and so can working towards owning 100% of it. It could help you financially too.
Cut down your So Resi payment
Each time you buy a bigger share of your So Resi home, we’ll work out your new So Resi payment based on our new smaller share. Remember, if you borrow more on your mortgage to buy a bigger share, your payments for that will probably go up.
Grow your investment
The more of your home you own, the more you benefit if house prices go up. When you think about this, don’t forget that house prices can also go down.
When is a good time?
Life changes and so does your money. Careers take off, bonuses are earned and mortgage rates don’t stay the same. We know all that. So when you start out in a So Resi home, we make it easy for you to buy a bigger share at a time that suits you. If you’d like to own more of your home, we’re here to talk you through what’s changed for you, and how to take the next step.
How does it work?
It’s easy - you can buy 10% or more of your home’s full market value at any time. So if your home is valued at £250,000, the smallest extra share you can buy is 10% of that, which would cost £25,000. If you can afford to, you can buy over 10% in multiples of 5%. That’s 15%, 20%, 25%, 30% and so on – right up to the point where you own 90%.
Your next step after that is to buy the last 10% in one go, so that you own 100%.
Helping you decide
It makes sense to check off a few simple steps to help you decide whether buying a bigger share is a good move for you.
Get an idea of how much your home is worth Check the So Resi website to view the price of similar homes near you. Websites like rightmove.co.uk or zoopla.co.uk are handy too, and estate agents will often give a rough valuation for free.
Talk to a mortgage lender If you need to borrow more money on your mortgage, speak to your lender now to find out whether that’s possible and how much it would cost.
Now you have a clearer idea on the costs, it’s time to decide whether to go ahead.