Advice wanted!! Re: mortgage

morgans13

Hi there,

Just wondering if anyone can give me advice. My marriage is breaking down at present & am looking towards a seperation. My problem being that my husband will not leave our house & tells me i have to move out!! We have 2 small children & i only work part time. The mortgage on our house is in joint names therefore i can't take out a mortgage on my own & have no deposit until our house sells or he buys me out. My parents are both retired & have no mortgage on there property which is worth a decent amount of money. They have said they will help me all they can but we are unsure if there is any way a mortgage can be taken out against their property or anything like that. can i get a joint mortgage with them which i can pay them back at a later date? Any ideas what my options are, i fell completely trapped!! Thanks

Conrad

Sorry to hear your tale,

Your parents would have to be the named parties on such a loan, you could'nt be party to it unless you are named on the property deeds and poport to move into thier house.

I have had retired people needing to raise funds like this but I'm always mindful that they need to be able to make the payments of course. Some use extra borrowing to cover the payments aswell, for example the payments in total over 5 years as they know the debt will be repaid within 5 years from other means.

If you were to use thier equity for now, would that then mean your husband would move out then?

morgans13

Sorry i just realised i wasn't very clear, what i am wondering is, can they remortgage against their property for to allow me to buy a house. I don't want my name on their deeds, i want to buy a property with my name on the deeds. My husband would eventually either have to agree to sell or buy me out as our mortgage is in joint names & once this has happened i will have a large sum of money as we have made a good profit on our last property & therefore have a small mortgage compared to the value of our home, i am sure i am entitled to half this profit as joint owner? I can afford a mortgage & bills monthly, so my parents would have no worries about the repayments being met, its just i have no way of actually getting a mortgage on my own at present. Does that make sense?

herbiesjp

What is their property value?
What amount of money are you looking to raise?

What are their incomes? What are their ages?
What is your income?

VIGILANT22

You really need to seek legal advice, as with 2 children your husband can't just say "get out". This is your number one priority to sort out...

For you to take a new mortgage whilst on an existing mortgage, you would have to prove you could afford both, which from what you posted wouldn't appear to be an option at the moment..

morgans13

Their property is worth around £200,000 maybe slightly more. They are 72 & 65. Am not sure of their incomes but i know my father has a good pension as he had a good job with the council & paid into a great scheme. I am looking to raise around £75,000. My gross income is around £11,500.

morgans13

VIGILANT22 wrote: »

You really need to seek legal advice, as with 2 children your husband can't just say "get out". This is your number one priority to sort out...

For you to take a new mortgage whilst on an existing mortgage, you would have to prove you could afford both, which from what you posted wouldn't appear to be an option at the moment..

My problem is he just won't go, we have come to this stage a few times & i have just had to stay put as he JUST WON'T LEAVE!! I am honestly not even interested in being in the house anymore, i just want a fresh start but feel am over a barrel with my current financial situation!

herbiesjp

morgans13 wrote: »

Their property is worth around £200,000 maybe slightly more. They are 72 & 65. Am not sure of their incomes but i know my father has a good pension as he had a good job with the council & paid into a great scheme. I am looking to raise around £75,000. My gross income is around £11,500.

Would that £75k buy the property outright?

Do you get tax credits etc? What amount are these?

morgans13

No, the property i have seen is £80,000 but can raise £5,000 for a deposit. I will get tax credits of about £200 per month i think & £170 family allowance, will also have maintanence to get for my 2 kids.

herbiesjp

ok - so no mortgage needed on the new property

Well - they may have a few options open to them - which will be subject to strict underwriting and scrutiny of their income, amongst other things.

An average fixed rate deal would be around £433pm

If you are 100% on going for this you need to get an adviser involved, as you otherwise you will easily fall outside of criteria with most lenders.

morgans13

Where can i find an advisor that isn't directly associated with a bank or company & won't charge me the earth for advice?