Can anybody offer me some mortgage advice please?

kidcat

Hi

After a very lengthy divorce battle my friend now has to take a mortgage out on her home to pay off the joint mortgage and extra to pay her ex off too. She is financially unaware to say the least and I currently help with her finances. This means that effectively I will be guiding her through the whole mortgage thing.

However, I have never taken on a mortgage and therefore have no experience to fall back on. Reading through the forum I appreciate that in these circumstances it will be an absolute must that she gets a mortgage broker.
Can anyone offer some general advice on the dos and dont as it were?
TIA

Robert_Sterling_3

You could look at thev thread "Why do people use mortgage brokers?"
Reading other threads will improve your knowledge of:-

Valuations ; Loan to Value ratio; Deposits; Fixed Rates; Variable Rates; Tracker Loans; Negative equity etc.

dimbo61

Your friend needs to find out if she will get a mortgage to cover her half and pay the EX his share.
Some lenders take into account maintence,Working Tax Credit,CTC,CB and her income.
She needs to see what she can afford before making any offer to her EX as she may need to sell if not enough income. GOOD LUCK

kidcat

This is a court imposed deal, she has 56 days to get sorted and the clock is ticking. She is not buying his full share as he only got awarded 15 % of assets. It still means a much bigger mortgage for her though.


Thanks for your help.

dimbo61

Try Yorkshire Building Society fresh start or better still an offset if she can get one. GOOD LUCK

getmore4less

kidcat wrote: »

This is a court imposed deal, she has 56 days to get sorted and the clock is ticking. She is not buying his full share as he only got awarded 15 % of assets. It still means a much bigger mortgage for her though.


Thanks for your help.

The court can't make a mortgage company give her a mortgage.

Start with salary/total income
Loan required.
loan to value.

that will give initial guide to the feasability of a mortgage

How was the value of the house decided for this 15% of assets?.

What happens if she has to sell and does not get this amount.

SmileyG_2

Does she already have a mortgage on the property?

A member of my family became divorced and stayed in the property. The lender was very helpful and offered a decent deal based on the payment record on the mortgage.

SmileyG

kidcat

Thanks for your help, I have today arranged a mortgage hrough L&C brokers, and thanks to all the threads and advice on here I was able to have a sensible conversation with them and undersatnd the terms and know exactly what she would need and what she could be flexible with. Got a good deal that she is happy with and I now need very strong drink!!

Once again thanks all.