How long do i have to be in my home before remortgaging?

Jacka87

Haing it in writing may allow you to get the mortgage as previouslly satated however an alternative for me would be to get your ex to pay you the money now. That means that you will have the money and the mortgage comapany will have no reason not to lend you the mortgage amount?

I appreciate that you may have difficulties getting the money from your ex but you must have already arrange this or you would not be able to look at houses yet? So I assume there is no real reason why your ex cant give you the money early, well other than to be awkward?

I would suggest get it in writing or get the money, preferably the money!

getmore4less

dawndrd wrote: »

Hi,
Thank you for your replies.
The reason i have not arranged a mortgage is because the money is coming from my ex as settlement.. it is the equity from the home we owned together but we were not married he is basicly paying me off and he is keeping the old family home.
There lies the problem.. my solicitor refuses to allow me to be released off my joint mortgage with my ex until he pays his share (he has the money so our old home will not be sold he will keep it in his sole name)
Anyway the long and short of it is no mortgage company will lone me any money until i am off the old mortgage because they say on paper i will have 2 mortgages and with my income they say i cannot afford 2.. do you see why it is all so complex?!

So do you have the cash to buy this place without him paying you anything if not and need the funds from him then do not exchange without these funds in place, you could be commited to buy a place you don't have the money for.

I would apply for a mortgage on the understanding that you will not be completing the purchase till you have redemed the other mortgage(Ie you get removed from the debt), thats how most people do it when they buy a place.

Coupon-mad

getmore4less wrote: »

So do you have the cash to buy this place without him paying you anything if not and need the funds from him then do not exchange without these funds in place, you could be commited to buy a place you don't have the money for.

I would apply for a mortgage on the understanding that you will not be completing the purchase till you have redemed the other mortgage(Ie you get removed from the debt), thats how most people do it when they buy a place.[/QUOTE]



Yes, agreed.

Dawndrd, your situation is perfectly normal and your Solicitor can handle it to make sure you come off the old mortgage at the same time as the new one is completed (on completion of the house). As getmore4less says, this is how most people do it, your situation is similar to most purchases where a house is also being sold (only in your case you are just coming off another mortgage and getting your share of the equity).

You should be applying for that mortgage sharpish, IMHO. The advice given to you here, urging you to get the mortgage now rather than later, is correct.

All your new lender has to do is state on the offer/solicitor's instructions that you must be removed from the other mortgage on completion. Simple.

Dawndrd

Hi,
Thanks again for replies but i am not sure i can get a mortgage.
I am buying the house for 165,000 and i need 30,000 to extend do it up ect.
Surely in order to get a mortgage it would have to go on the property purchase not on doing it up?
The idea at first was my ex was going to have the whole 165000 but we say he is giving 135000 and so i needed a 30000 mortgage making up the 165000 purchase price.
Then my ex was giving me the extra 30000 he still had to do the work on the house.
Now we no longer speak he has told my solicitor he is only buying the house and i will have to sort money for work on it myself?
confused.. Because i know i am!!??

getmore4less

Are you buying the house or him?

If it is you how much is th Ex giving you in cash.

you need a mortgage for the rest of the purchase and £30k wheres the problem?

purplebuzz

dawndrd wrote: »

Hi,
Thanks again for replies but i am not sure i can get a mortgage.
I am buying the house for 165,000 and i need 30,000 to extend do it up ect.
Surely in order to get a mortgage it would have to go on the property purchase not on doing it up?
The idea at first was my ex was going to have the whole 165000 but we say he is giving 135000 and so i needed a 30000 mortgage making up the 165000 purchase price.
Then my ex was giving me the extra 30000 he still had to do the work on the house.
Now we no longer speak he has told my solicitor he is only buying the house and i will have to sort money for work on it myself?
confused.. Because i know i am!!??

Are you trying to say that your ex is providing the funds to buy this house for you direct, i.e. he is not giving you the cash and then you have to cash for this new purchase.

What have you agreed with your solicitors with regards to the source of the funds?

Is your solicititors dealing with removing you from your old house (where you ex is still living?)

If he is agreeing to give you 165k or direct to your solicitor, can your solicitor get this money from him and you get a mortgage for 30k, which the solicitor will then get from your mortgage company. Then once completed your solicitor will have 30k left over which he can give to you??