Mortgage Advice

1jacks64

My Grandmother died in August 2004. Myself and my uncle were equal beneficaries under the will. I obtained a mortgage in order to buy out my uncles half of the house we had inherited.

Unfortunately due to a big falling out and misunderstandings by everyone and due to the will not being witnessed properly, we had to go to a hearing at the probate registry yesterday. The upshot is a previous will my Grandmother made is now going to be admitted to probate. The beneficaries and executors are my mother and my uncle (i.e. my mum and her brother).

My uncle has said that he is still happy to sell his half share in the property to me so the result would be that my mother would own half the house which wouldn't have a mortgage and I would own the other half of the house which would have the mortgage in my name.

I phoned the mortgage lender to explain all this and the lady I spoke to said I would have to explain this to the broker who arranged the mortage for me and the broker would have to write to them. She said that they would then refer it to the underwriters for them to look at my mortgage offer again.

What do others on here think my chances are of getting the mortage lender to agree to lending me the money to buy my uncles share as I was previously but the other half of the property being owned by my mother rather than me? Any advice would be greatly appreciated.

Robert_Sterling

Will your mother live in the house?
Will you live in the house?
Will you both live in the house?
Will anyone else live there too?

payless

IMO unlikely ( with most lenders) unless
1. Your mother is gifting her share to you OR
2. Your mother is willing to be party to the mortgage also

although the obviosuly question is .. what does your broker think

Robert_Sterling

The key consideration is will they be able to evict EVERYONE living in the house if the mortgage is not paid.

1jacks64

It is a buy to let mortgage as I was planning to rent the house out so my mother and I probably won't live there. However, I would have thought that in this situation it would be possible for my mother to sign some sort of agreement so that if things went pear-shaped and the mortgage wasn't paid they would be able to sell the house and recover the money they have lent me.

Bossyboots

I agree with payless that this may only work if mother is also a party to the mortgage.

I know they have a disclaimer for adults living in a property when the owners re-mortgage (for example adult children still living with their parents) so that they can be evicted if the mortgage is defaulted, but I am not sure that one exists for a co-owner.