Getting desperate now...

PasturesNew

You need to find out just how much money you could raise from your partner's property now.

You need to pay off any/all of the shortfall on the day you complete on selling your house. So before you're any further down this route you need to KNOW you can get money to pay it all off, how much, where from.

If you do not have the money to settle the mortgage in full on the completion day it will simply not complete.

simpywimpy

Sounds like a loan to take out what you put in
Let them re-posess
Leave the country!
Hope for the best and keep your head down

sheslookinhot

papermoney wrote: »

"we can not live in the other house as it is too small"

"the bottom line is we have to live in OH house and sell the other".

This contradiction confuses me. unless I am misinterpreting.

Can you rent OH's house and live in your own ? Rental income could help with the mortgage.

papermoney

Thanks all.
We have approached the mortgage broker and he has said that he doesn't think there would be a problem getting the extra on OHs property but he advised to not go ahead too far without having some kind of interest in the property which is up for sale.
If for some reason we can't get the money from there then I dare say we do have the option of our parents (although i'd rather not go down that route but I know deep down if the mortgage company siad no then it would be an option).

papermoney

sheslookinhot wrote: »

This contradiction confuses me. unless I am misinterpreting.

Can you rent OH's house and live in your own ? Rental income could help with the mortgage.

Sorry that was my fault for not wording it properly.
We really need to live in OHs house as it is bigger. My property, the one for sale is a lot smaller and we couldn't possibly fit in it. He did contact his mortgage company (back in July) and they wouldn't give their permission to rent his house out either. We did consider it at one point. So decided that if we couldn't rent either property out and had to pay for both mortgages we would live in the bigger house.

simpywimpy

what would be the result of renting it out without telling the mortgage company?

papermoney

From what I have read on here, I could leave myself open to allsorts and I believe that any buildings insurance would be deemed invalid.
I'm not sure if they would actually get to find out though but I just assumed it would be a big risk to take. Unless it was to a family member or trusted friend.

simpywimpy

You could change the buildings insurance to a letting one I guess. Im just not sure what the mortgage company could do. Would they demand repayment or something? Im sure someone on here will know

neverdespairgirl

papermoney wrote: »

Probably not missing anything at all. We have 2 options of either taking equilty out on the property we live in or getting a loan out another way.

How much equity do you have in OH's house?

papermoney

neverdespairgirl wrote: »

How much equity do you have in OH's house?

Obviously not a definite figure as who knows in this current market but i'd say about 60-75k

So would still have good LTV


I know when written down it makes more sense to sell his and live in the other house but due to space, baby and kids we simply can't.

OHs house is less likely to sell than my house.