Advice needed from anxious buyer!

mrs*84

Hello everyone,

I need some advice if possible so will give you a run down of my situation in the hope that someone may be able to reassure me!

I currently live in a 2/3 bed town house which is in a great location as its close to transport links to london. My husband has an interest only mortgage in his name with North Yorkshire Mortgages and according to them the LTV is 96%

We have been given some money by his parents as we wish to buy another property, on the basis that they would rent our town house from us until its value increased. We found a house, put in an offer which was accepted and got a mortgage with Abbey / Santander. However, the house we put an offer on belonged to someone who past away, and one of the executors on his will won't sign the paperwork to say its ok to sell the house as they were estranged from the family.

So, we started looking at property again, but haven't pulled out of the sale of the first house. We found another house we like and put an offer in, which was accepted. Our broker rung Abbey to transfer the mortgage but they won't do it as within one month their policies have changed. So our broker managed to get us a mortgage with Aldermore Bank on the basis that we got a 'consent to let' letter from North Yorkshire Mortgages.

My questions are:
Has anyone had to get 'consent to let' from North Yorkshire before and had any issues?

Does anyone know how long it could take for a house sale if there are issues with executors/ wills etc?

I should also say, my husbands credit rating isn't brilliant as we don't have any credit cards / loans and he had a CCJ in 2007. We have never defaulted on mortgage payments though.

Sorry to go on, i've never brought property before and because nothing is set in stone i'm constantly anxious!

Hope someone can help!?

maria6259

I cant quite understand your posting. Are you saying the 2/3 bed town house is mortgaged in your husband's name only but you both live in it?
Why not sell that house and use the money his parents are giving you to get a bigger one (if that's what you're aiming for)?

Henry_P_Chester

maria6259 wrote: »

I cant quite understand your posting. Are you saying the 2/3 bed town house is mortgaged in your husband's name only but you both live in it?
Why not sell that house and use the money his parents are giving you to get a bigger one (if that's what you're aiming for)?

Thy sounds like the most sensible thing to do. Can't that 4% equity can be added to your deposit for your new house.