FTB, needing mortgage to cover deceased father's house.

Hannah1982

Hi all.

I could really use some advice. My father passed away over 3 years ago, and the solicitor is still dealing with the estate. There is approx £17K left on my dad's house, which is my nans home. I need to cover this, however have debts of my own. I have had a quote for a £45 mortgage to cover the house, and all debts, but have real concerns I wont get accepted as my credit report and score is not brilliant.( Nationwide have carried out the quote based on my earnings. They are also who my late father has his account with).

Is there any way I can guarantee a mortgage to settle this, or are there any other suggestions????

:(

dimbo61

This is all a little confusing ?
Does your Nan still live in the property ?
Who is paying the mortgage now ?
How much is the house worth ? and will it sell quickly ( ie in good state of repair)
Is the mortgage ( debt) with the Nationwide
Why has it taken 3 years for the solictor to sort out the estate ( no will )
Do you own the property ?
Can you afford a £45,000 mortgage (income)
How have you built up £28,000 worth of debts and will Nationwide lend you the money to clear all your debt and old mortgage in your dads name.
This also depends on LTV ( is house worth say £100,000 ) and your credit score ( check with Experian,equifax and callcredit)

Hannah1982

you're right, it is confusing!! and I'm the one trying to sort it out. My nan still lives in the property. My dads will states that the house is left to myself and 3 sisters, however my nan has sole use of the property until such time as she no longer needs or wants it. The mortgage is still in my dads name, although all mail is addressed to the representatives. The solicitor is paying the monthly instalments using the life insurance that was generateed from my dads policies, although he has continually missed payments. I have recently put in a complaint with the senior partner of the firm who is dealing with it. There are 2 solicitors involved, 1 who deals with probate, and such, so he is the person who is responsible (at present) for making the monthly payments. the other deals with the deeds. (this of course cant be settled until we know how we can cover the mortgage, as if all 4 sisters go on the deeds, we all have to have the mortgage. If only one of us gets the mortgage, then only their name would be on the deeds. I have offered to draw up an agreement with the solicitor to protect my sisters rights should this be the case). Originally my sister was going to get the mortgage, however she kept messing about, and recently decided to cancel her application, and "save up" the money, without consulting anybody. THe property is worth approx £165,000. This was valued 3 years ago, however I'm guessing it hasn't changed much due to current financial situations. I met with a financial advisor at Nationwide who worked out that governed by my earnings they can lend me £46,100. on £45K, monthly payments would be around £215 per month, this is currently over £100 less than myself and my partner are paying on half of out debts per month. The life insurance that has been gathered has a shortfall of approx £17K on the mortgage, which leaves £28 for mine and my partners debts, plus enough left to ensure the house can be decorated as necessary when we come to sell. The new mortgage will be in my name. I hope they will lend me the money to pay dads off and debts, although my credit is bad. Of course, the plus side is that my debts would all be consolidated, and I would be able to easily afford the monthly payments, which will boost my credit rating, so it would kind of be a positive.........
soooo confused, and really dont know what to do.

herbiesjp

Can you give your gross yearly salary?

Can you give details of your bad credit history eg are they CCJs, defaults? When were they first registered?

Are you currently paying your creditors the right amount, or you paying back an agreed lower amount each month?

Have you got copies of your credit files?

Hannah1982

well, it apears things have changed. According to Nationwide head office, if the house has been left to all four of us, all four of us need to have the mortgage together, or I need to buy out my 3 sisters.
For the record, my salary is 8,200 a year, I only work 16 hours a week. However they also took into account my tax credits and child benefit when working out what I could borrow.

I give up, I think I'm going to speak to the solicitor and see what he has to say.

Thanx for all responses.

xxxxx