Equity Transfer

moike

Hi All
Looking for advice for my Ex wife, We've been divorced now for 6 months and have been trying to sell our house for the past year, but each time the sale has fallen through.
Her mother and father have now offered to buy me out which is great, but it means she has to take on the mortgage, and her parent will take a 20% interest in the house.

The house is worth around 250K, she will need a mortgage of 45K, but unfortunately she only earns 9K, she has other incomes such as maintenance from me, Tax credits etc, which takes her actual income up to around 25K but there are very few people willing to take these incomes into account, she has allready been refused by our current lender (nationwide), any advice for her?

Thanks in advance

_Andy_

Hi & welcome to MSE.

Can you provide a breakdown of her other incomes?

moike

Thanks for the reply

She's not here at the moment to ask, but I know the following:

9K - Salary
6.5K - Maintenance from me
9.5K - Child Benefit- Family Tax Credits etc

If neccessary I can get this split further later this evening.
Regards

happybroker

there are quite a few lenders who would do this, especially if the maintenance is paid by way or of court order.

if you are sturggling then a decent whole of market broker should be able to help you

moike

Yep she has a court order, she is due to be phoning around a few brokers this afternoon when she gets home from work, so hopefully she will find something, it's just that things didn't look too good when she got home from nationwide yesterday, and I'd already found a place to move to, so was worried also that it all may fall through.
Regards

happybroker

Nationwide want to be able to see that the maintenance has been received for 12 months which is probably why they turned her away. Could have been worth an appeal though I would have thought.

moike

The mortgage advisor was aware that they like this to be the case, but was confident that given the low LTV required that there would be little problem, She came back after talking to head office amazed that she had been turned down.
Regards

moike

Well she went to see a broker today and it's all sorted, she's taken a 10 year repayment deal with the woolwich, who were willing to take into account maintenance.
Thanks for all replies.
Regards