Shared Ownership Mortgage + Additional Borrowing?

turbostar_2

Hi

I've had my shared-ownership flat for 15 months now. 34% is owned by a housing association. It's 100% value has since increased by 25k.

My mortgage is with RBS but i desperately need to borrow an additional 12k (approx) to clear credit cards/loans - mostly money i spent buying and furnishing this first property.

Problem is so few lenders offer shared ownership mortgages and any additional borrowing is offered on the basis the funds are for increasing the share in the property. Does anyone know of any lenders i may have overlooked?

Oh and whenever i call RBS to ask about my mortgage i am always told that i can't possibly have a mortgage with them because they don't offer, and have never offered shared ownership mortgages. A little worrying!

Any suggestions would be much appreciated!

Struan

Dan_Collins_2

Shared ownership mortages are strick, I used to do a lot when I worked at the Leeds BS and they were very good. Now if I remember you could only borrow more for home improvements and not debt con. I would make a call to a few lenders if you able to move without penalty. Abbey, Nationwide, Leeds and the Woolwich are a few that deal in shared ownership.

turbostar_2

Thanks for the info Dan. I took your suggestion and spoke with Leeds BS. They do still offer additional lending with a shared ownership mortgage for debt consolodation - the only mortage lender out there that seems to...

Unfortunatley, they couldn't lend me enough due to my income but have passed me on to a company called Mortgage Force (brokers) who they say might be able to help. Fingers crossed!

UK007BullDog

Halifax might do it. But if Leeds do it then they might be the only one.
House prices having come down especially on new build flats you will probably not be able to borrow extra.

Have you thought of rate tarting to 0% interest credit cards?