Shared ownership problem

lee26g

Hi guys,

I purchased 75% of a shared ownership property 2 months ago, with the intention of purchasing the remaining 25% as soon as possible. I made this explicit with the HSBC mortgage advisor at the time I arranged the mortgage and was told everything would be fine.

I am now in the position where I can purchase the remaining amount and have had the valuation and instructed my solicitor.

Speaking to HSBC they now say that I cannot get a further advance until 6 months into the mortgage, which is very frustrating.

With my savings there is a possibility of paying the remaining amount in cash but this is really pushing me to my limits, and I would need to max out all credit cards. This would be a real problem as the property is a complete mess and I need to purchase a new kitchen and bathroom.

I guess the other option would be to get a loan for the remaining amount? or is it possible to get a second mortgage on the same property?

I was originally offered a mortgage of 350k. The property full value was 290k, I purchased 75% (217500). On revaluation the property is now valued at 305k, making the 25% 76k.

Any help is much appreciated.

Anzhelka

I just know that we won't be allowed to do stair casing earlier then 12 months after purchased our first share.

Newbiebuyer2016

Considering how much info we had to provide for S/O to the landlord/HA I not sure you would be able to max out your credit cards to staircase.