Remortgaging with second charge on property

Stevef131078 · 8 December 2011 at 8:00PM

Hi I have been trying to remortgage my home since July , but have been knocked back several times, I am now desperate as I seem to have tried everything, the problem is I when I first bought the property 6yrs ago we found a government backed scheme in which they paid 25% deposit in order to help first time buyers, this resulting in them lending us approximately 32000, I would only pay the 25% back once I sold the house( could be less or more depending on house price) now I want to borrow an extra 25000 for an extension to our house.
The banks do not want to know about second charges and the fact they have never heard of the scheme. They have suggested I pay back the sum but if I could do this then I wouldn't be asking for extra borrowing !! I have had confirmation from the scheme saying they would be willing to postpone all charges on the prop but still no success, I have tried a guarantor but again fell short, I am extremely upset as I love the house we aremin but the only option I seem to have is to sell the property and pay back the sum, I hope someone can help , sorry about the long winded forum

Meeper · 8 December 2011 at 8:43PM

Find an independent adviser to assist. Going to banks directly with things like this is a total waste of time as their "advisers" generally have about as much market knowledge as a boiled potato.