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buying home/mortgage advise needed
LJ1
Posts: 72 Forumite
currently seperated (divorce pending)
currently living in family home joint mortgage 59k husband happy to pay this until house sold.
I work part time receive tax credits and maintance and have 11 year old.
whilest my daughter and I could remain in the family home until its sold then move i can see many things not fitting into place.
we need a house in specific location at price within my budget to have entry date to coinside with exit date from family home - and from what my lawyer is telling me the funds from the divorce settlement might not be through on time to go straight towards any house i buy -
there is a fair bit of work to be done on the family home prior to it going up for sale - and i feel that the work could get done quicker - the house up for sale quicker - and it would be chain free and probably sell quicker if i was to find a way of moving now.
But my big problem seems to be that i am tied to the joint mortgage on the family home...
I have saw a house in the location i need to move to at the price I want. Should I be able to get a mortgage given my situation.
I am on joint mortgage at family home - 59k
when this house sells i should get min 84k
Id like to buy a house at 90k
I can put down deposit now of 45k
Id like to initialy take out mortgage int only on this - say est 2 year fixed by which time family home likley to be sold and I have my funds.
Then pay off mortgage - or keep small mortgage of say 15k repayment over next 12 years.
can anyone offer me any advise
currently living in family home joint mortgage 59k husband happy to pay this until house sold.
I work part time receive tax credits and maintance and have 11 year old.
whilest my daughter and I could remain in the family home until its sold then move i can see many things not fitting into place.
we need a house in specific location at price within my budget to have entry date to coinside with exit date from family home - and from what my lawyer is telling me the funds from the divorce settlement might not be through on time to go straight towards any house i buy -
there is a fair bit of work to be done on the family home prior to it going up for sale - and i feel that the work could get done quicker - the house up for sale quicker - and it would be chain free and probably sell quicker if i was to find a way of moving now.
But my big problem seems to be that i am tied to the joint mortgage on the family home...
I have saw a house in the location i need to move to at the price I want. Should I be able to get a mortgage given my situation.
I am on joint mortgage at family home - 59k
when this house sells i should get min 84k
Id like to buy a house at 90k
I can put down deposit now of 45k
Id like to initialy take out mortgage int only on this - say est 2 year fixed by which time family home likley to be sold and I have my funds.
Then pay off mortgage - or keep small mortgage of say 15k repayment over next 12 years.
can anyone offer me any advise
0
Comments
-
What's the house worth NOW without any work being done on it?
Could you come to some agreement about buying him out?
Who's going to fund the work on the house?0
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