Remortgage to fund house build
Sam_weller
Posts: 4 Newbie
Hi all.
I have been very fortunate for my mum to have give me a large amount of money after the sale of our family home so we could renovate/rebuild our home.
We are currently living in her flat whilst my husband (a builder) is doing the property.
Like all these things living costs with him being off work to do the house have been more than. Expected and house has been 80% rebuilt due to unforeseen problems.
Due to this we have had to borrow more money off my mum to complete the build with the hope we can remortgage and pay her his back.
We have been told we have to wait 6 months before remortgaging when my husband god back to work. I was always under the impression it was 3 months payslips? Can someone confirm why or if it is in fact now 6 months payslips they will need to see.
My husband is an employed builder working for his dad and I am a part time teacher, since having my son 2 years ago. We don't pay for childcare as my son comes to the place I work free of charge.
Help would be much appreciated
Sam
I have been very fortunate for my mum to have give me a large amount of money after the sale of our family home so we could renovate/rebuild our home.
We are currently living in her flat whilst my husband (a builder) is doing the property.
Like all these things living costs with him being off work to do the house have been more than. Expected and house has been 80% rebuilt due to unforeseen problems.
Due to this we have had to borrow more money off my mum to complete the build with the hope we can remortgage and pay her his back.
We have been told we have to wait 6 months before remortgaging when my husband god back to work. I was always under the impression it was 3 months payslips? Can someone confirm why or if it is in fact now 6 months payslips they will need to see.
My husband is an employed builder working for his dad and I am a part time teacher, since having my son 2 years ago. We don't pay for childcare as my son comes to the place I work free of charge.
Help would be much appreciated
Sam
0
Comments
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It's about having owned the home for 6 months, not about showing 6 months pay slips.0
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We have owned the house since January 2015 and started the work to the house June 2016.0
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Who told you that you'd need to wait 6 months?0
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The mortgage advisor at NatWest who we currently have our mortgage with.0
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Sounds as the issue is your husbands lack of work and therefore income. In order to assess whether the new mortgage is affordable.0
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:money:But he has taken 6 months off work to do the house and will go back to work earning actually more money than he did before plus my wage has gone up too. 5
The house will be worth more money as well, just can't see why it's 6 months we have to wait for and not the normal 3 months when we first took out a mortgage?0
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