Help!! Mortgage?

in_need_ofhelp

Hi I need a little advice here quite quickly. My mum and uncle had a business which went under last year and this subsequently made my mum bankrupt last november. Her only asset is the house that she owns jointly with my dad and her trustee has given her a figure she must pay to buy back her half of the house. My uncle cant get the money and neither can my dad so the only option is me otherwise they lose their house.

My gran has a house that I'm going to buy for £55,000 so I've been to the bank and arranged a 95% mortgage of £52,500 for the property which is worth £100,000. She will then loan the money to my parents to pay the trustee so they dont lose their house. I still live at home with my parents but was hoping to move out next year with my boyfriend so basically my question is will I get a mortgage next year with my boyfriend to buy our own house when i already have a mortgage on my grans house????

Gemlou26

Hi,

Most lenders do not like you to have more than one residential mortgage, usually down to abit of small print in the contracts regarding it being your main residence. When I say residential I mean not a buy to let mortgage etc. However, it is not unheard of and if you use a good mortgage advisor who can explain your circumstances, this can usually be overcome.

What you will need to be aware of is that they will take the mortgage payment into account when calculating your income (even if you have an arrangement with your gran or anybody else regarding the payments, this is because your name is on the mortgage so you would be wholly liable for the debt.), so you may not be able to borrow as much as you might have liked for your house with your boyfriend.

I was a mortgage advisor before I joined the BR club I would definately advise you to talk to an independent financial advisor before you commit to mortgage on your grans house, things may have changed since I was last involved in the industry, although only 12 months ago. In any case they will be able to give you an idea of how successful any new application later on is likely to be.

x

in_need_ofhelp

Thanks for this info. Think it's looking like i will need to get advice from a mortgage advisor to see what the options are.