need to take over mortgage- no permanent job

nursekaz

Please can someone help. I am separated from my husband- he is c/o HMP. We are in the process off divorcing and I will be staying in the house with the kids. The house is worth £125k and the remaining mortgage is £21k.To pay him out, I may be able to raise his interest from family, so may not have to increase the morgage- so was looking to take it over solely, as I have continued to pay it since he went inside.

However, my job is not permanent, I am a bank nurse- so although I always have lots of work, there is never a guarantee- so my income is not guaranteed.

My present lender has said they will not lend as my guaranteed income is insufficient- depite me maintaining the mortgage since he has been away. They sent my details to a specialist panel, who gave me figures of nearly 3x what i am already paying. Is there anything else I can do. I am trying to get a permanent job, but the trusts are in trouble and there is a big jobs freeze on. So i am contemplating working in a more non specialist field, like retail or something.

herbiesjp

What figures are we looking at here?

AndrewSmith

Obviously i can't comment specifically without the full case details. There are so many variables that could have an impact on the decision such as credit history etc.

However, on the face of things with that level of equity in the property i would think it shouldn't be too difficult.

What you may find comes up is that some mortgage lenders wil not lend under £25,000 as a mortgage.

It does also depend on the level of your current income along with any other outstanding debts you may be paying for.

Hope this helps

Andy

Debt_Free_Chick

I have no experience of this, but I've heard that some lenders are more sympathetic to an ex-wife in your situation.

Do you have any children? Could you downsize to a smaller property leaving you with either no mortgage or a very small one?

nursekaz

I can earn as little as £600 or in excess of £1300 net per month depending on how many hours i get. The only other things outstanding are an overdraft of about £3000, and about £40 owed on a mail order catalogue. I have been in arrears with 2 phone bills, 1 from orange (my son gave phone away and the girl continued to use it and ran up a bill of £600+ now Paid in full.
And an NTL bill- in ex's name for £500+ , NTL refused to disconnect, or change it into my name. So i refused to pay it until they cut it off. Now that is also paid in full. I have been told that some lenders only lend £25k minimum. I also want it over the remainder of its time, which is just over 8 years. However, they said it will have to be 9 cos they only work in whole years. I don't really want to downsize- my kids are teenagers, one at uni.

Gorgeous_George

Your OH's 'interest' in the property is £49.5K and you say family can cover this.

I suggest you use this family money to pay the mortgage off leaving £23.5K for OH to buy tobacco. Offer to pay him the remainder (£26K) at 4% interest (= £86.67 per month) or over a number of years. Have a solicitor draw up a legal document to cover this loan.

How will you repay your family the £55K?



GG

Rikki

Gorgeous_George wrote:

Your OH's 'interest' in the property is £49.5K and you say family can cover this.

I suggest you use this family money to pay the mortgage off leaving £23.5K for OH to buy tobacco. Offer to pay him the remainder (£26K) at 4% interest (= £86.67 per month) or over a number of years. Have a solicitor draw up a legal document to cover this loan.

How will you repay your family the £55K?



GG

Thats a good idea.:T

nursekaz

With my wages, i would pay them back monthly. Family in no immediate hurry to get it back.