Staircasing to 100% - some advice needed

geothoma

I am in a similar situation....... I purchased my property @ 50% share and am now eager to purchase a further 50% so I am 100%. Infact the extra money borrowed monthly pay back would almost equal that I pay to HA in rent each month.

I purchased my property for £195,000 it has now been valued by HA @ £172,500 with home improvments deducted and also taking into account the decline in house prices in my area which we estimated approx £10k over the last 6 years. Initially I was delighted as I was thinking wow what a discount!

I went to see my mortgage lender who advised me their surveyor would value it the market rate which we esimated £185,000 and that would be my LVT 15%. This made it affordable for me to purchase. I would have a little equity and enough cash to put it. That mortgage adviser then went on holiday and it was handed over to another mortgage adviser in a different branch who advised that was incorrect and they would value at the HA purchase price £172,500 (lowest value) therefore this wipes out any equity I have and also I do not have enough cash to put in for deposit now with LVT @ 15%.

I am very dissapointed that the 2 mortgages advisors, from one of the largerst UK lenders, gave me conflicting information plus getting my hopes up that this will soon by 100% my property. Also very frustrated that I cannot afford to buy the further share now. It's very frustrating knowing I could afford the mortgage payment but instead this is dead money for me being paid in rent.

Any advice here to make the purchase possible for me would be grately appreciated:) Apart from put a a bit more cash in of course which I haven't got:(