Complicated mortgage situation

Mancjay83

Good evening everyone,

I hope someone with experience of this can help.

Basically, just over 4 years ago, me and my partner purchased our home via the right to buy scheme. We tried to borrow money against it to do the kitchen/bathroom etc, but our lender wasn’t prepared to do this until we had completed the mandatory 5 years, which would mean if we sold we would not owe the council any of the discount back.

We now have less than 11 months until we reach this milestone, and we are still in a situation where releasing some equity would improve the house substantially for our large family (4 kids in a 3 bed).

The main question I’m rambling on to get to is, when can we look at securing a new deal (our fixed rate ends next sept) and would there be any lenders that would be prepared to lend us the extra, even if it just falls short of the 5 year period.

I understand eligibility etc is down to personal circumstances so it’s not the offer I need advice on. It’s literally do all lenders hold off releasing equity until the 5 year discount period has expired?

Sorry for the rambling post but any advice or experiences would be greatly appreciated

😀😀

Thrugelmir

Mancjay83 wrote: »

It’s literally do all lenders hold off releasing equity until the 5 year discount period has expired?

Lenders will have clearly defined policies set at board level. They would not expose themselves to any element of unnecessary risk. With margins on mortgage lending very low there's no commercial justification.