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HE is being completely unrealistic...do you agree?

FirstTimeSaz
Posts: 41 Forumite
Hi
I have posted for a while since last year. i was asking advice on behalf of my OH who own a property with his friends (2 couples living together).
After 3 years we wanted to live on our own but with the faling market we didnt know what our best option was.
In the end, the friends partner took over my OHs half of the mortgage and the deeds and my OH walked away with a couple of grand.
The house was worth £117-120k and the outstanding mortgage was £114.
11 months later, we are still good friends with the ex-housemates but the friend decided to break up with his partner.
She doesnt want the house and so thought they would sell up.
She has now said that the friend (her ex) has decided he wants to keep the house and they both think he'll have no problem doing so.
Am I the only one who thinks they're being completely clueless with respect to how mortgages work??
The house will now be worth 115k if they're lucky.
Mortgage will probably be 110k?
He earns 26k.
Surely he's got no chance of the current lender agreeing for him to take on the whole mortgage??
I have posted for a while since last year. i was asking advice on behalf of my OH who own a property with his friends (2 couples living together).
After 3 years we wanted to live on our own but with the faling market we didnt know what our best option was.
In the end, the friends partner took over my OHs half of the mortgage and the deeds and my OH walked away with a couple of grand.
The house was worth £117-120k and the outstanding mortgage was £114.
11 months later, we are still good friends with the ex-housemates but the friend decided to break up with his partner.
She doesnt want the house and so thought they would sell up.
She has now said that the friend (her ex) has decided he wants to keep the house and they both think he'll have no problem doing so.
Am I the only one who thinks they're being completely clueless with respect to how mortgages work??
The house will now be worth 115k if they're lucky.
Mortgage will probably be 110k?
He earns 26k.
Surely he's got no chance of the current lender agreeing for him to take on the whole mortgage??
0
Comments
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PResumably there could be savings, immediate or short term?
4 x income is not impossible, but heaven help him should rates start to rise.
I guess he could always get a lodger!Like all revolutions, guerrilla goodness begins slowly, with a single act. Let it be yours.
Practice random acts of kindness and senseless acts of beauty.0 -
He could probably get a mortgage, although I agree I wouldn't like to be taking it on.
He at least is in a good position to take on a lodger.0 -
Yeah I suppose he could get a lodger to cover the cost. But would the bank let her take her name off the mortgage on his inicome?
Savings wise, he has none. He told us a month ago, pre-split, that he hadnt a penny to his name!
When we lived together he was shocking with his finances, a lot of months he would spend more than he earnt!0 -
Who is the lender?
Are there any other credit committments to your knowledge?I am a Mortgage Adviser
You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
Mrs_Bumble wrote: »Who is the lender?
Are there any other credit committments to your knowledge?
The lender is Yorkshire Building Society, they are currently on the SVR as there wasn't enough equity to remortgage after the initial fixed rate.
As far as I know he has a loan that he pays about £200 a month to.
He was also very good at using his credit card for small things when his wages ran out :eek:0 -
Doubt they will let it go into one name then!I am a Mortgage Adviser
You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
Another thing she has said is that she doesnt mind him taking on the whole mortgage as long as she gets back what she put in.
Not sure what she's expecting, paying half a mortgage for 11 months whilst the house prices are falling.
Hmmmm0 -
If I was him I would keep it, its so hard getting on the property ladder. I could always get a lodger (or two) to help pay the mortgage....... or maybe a new girlfriend!!Friend Debt: 5,000/3,850
2013 Start Mortgage: 306,585/306,585
Overpayments: 0
ISA Saver: £100 -
I'll be the tenth person to post, and none of our opinions matter! If he can get the mortgage and keep his home then good luck to him.0
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1) Depending on how his credit score goes, 4x is easily achievable.
2) Using a credit card for small things and paying it off each month can give an awesomely good credit score.
3) No commitments = win.
4) Negative equity/lack of equity as a big enough 'deposit' will be the main downfall here.0
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