help.. this is a nightmare!!! mortgage trapped

jojo100778

hi we are in need of some advice .. we live in a shared ownership Property for 23 years since we were 19 which was a two bed semi ..with council permission we added an extension made a four bed family home with our three children. we need to raise some money for home improvement and have 100k equity..upon trying to do this we have found out we have no mortgage protection clause and no staircasing..so no lender not even the original mortgage lender nationwide will lend us we are 3years from mortgage completion..we asked the council to add a MPC to which they declined .. we dont want to sell our home not sure we even could if we wanted to ..we cant afford a new mortgage..we are financially trapped and dont know whet else to turn have you any advice. please ...

silvercar

Has the value risen significantly ie would any lender need to call on that clause?

What have owners of similar properties done?
Halve you complained to the council? The solicitor that acted for you when you bought?
You could try contacting the council of mortgage lenders, they may have a solution.
I would also complain to your current lender, they should be ‘treating customers fairly’ they are already on the hook, so may consider a remortgage on appeal.

jojo100778

the value since purchase has risen alot..we have complained to the council who are unwilling to help ..will try the solicitor and mortgage council thankyou . we have complained to the current lender but hitting a brick wall .

TrickyDicky101

Are you unable to staircase at all or just not able to staircase unless you staircase to 100% (ie outright purchase)?

I take it your current mortgage balance must be very small if you only have 3 years until it ends?

jojo100778

we have no staircasing at all allowed ...our balance is 15k

Thrugelmir

How much are wishing to raise for "home improvements"?

silvercar

Speak to your local councillor. If you could staircase to 100%, that gets around the lack of a mortgage protection clause.

Are any neighbours in the same position?

I wonder if it is a failing of the solicitor you bought the property through. Should he have ensured that there was an MPC in place?

jojo100778

spoke to the council today who basically said cant help you sorry ..not even prepared to help .
there are 11 neighbours who prob arent even aware they are in this position
I was thinking that will be trying to get in touch with solicitor