Credit cards debts and a Mortgages

stephen1000

Hi I have £40000 debts on credit cards and have recently mised a few payment, Now I was left Half a house with no mortgage on it, but in the will someone can live there till they die, So I can't sale it. It worth between £90,000- £120000. Does anyone know where i might get a mortgage on this for around £40000 (less than half my share) to clear the credit cards, without, which I could easly affored mortgage. I think the missed payment are going to be a problem.

mark5

Who owns the other half of the house?

Joint owners would have to be on the mortgage aswell, would they be happy to do this?

Cannon_Fodder

If someone is supposed to live there until they die, it would be dangerous to put a mortgage on the property, as the Lender may over-ride such a restriction - otherwise how could they repossess in the event of you defaulting.

Or, the Lender may decline to consider a mortgage, with such a provision in place.

Thrugelmir

Would the joint owner of the property be in a position to buy you out?

Gorgeous_George

I think that it s highly unlikely that a lender would offer a mortgage.

Your best option might be to negotiate with the tenant to get them to move out. If they are living there rent-free this option could be expensive. How long do you expect them to live for?

GG

bacard1

sounds like a relative has left it to them, and it is a fellow relative that is living in the house. I doubt you will find a lender though. Good luck

stephen1000

Just try to work out what to do about the £40,000 i owe on credit cards,
Due to this property I can't claim that I am insovent. any ideas!

Hippychick

Contact one of the free debt charities, CCCS, CAB etc.

Probably best to post again in the debt free wannabe section together with your statement of affairs (income & expenditure).

They are very helpful and will offer some advice.