Remortage help

hanzi100

Hi there,

I am wondering if anyone else is in a similar situation to me and has any helpful advice or suggestions...

I bought my property 3 years ago with my brother, since then he has moved out and my partner has moved in. He has taken over my brothers half of the mortgage repayments, and we are now trying to buy my brother out.

My partner is divorced and is currently still on the mortgage of his ex wife's house which she gained in their divorce. This property is rented out and will be until October next year, when the idea is to sell it.

I have applied recently for mortgages on my own and in both mine and my partners joint names, and have come up against low valuations which mean that the lone to value percentage is too great for us to be able to take on the mortgage.

Has anyone else had this problem? I'm in disbelief that two people such ourselves with good salaries, who have never fallen behind on a single mortgage payment (or any other payments for that matter) cannot 'afford' to buy a modest home for their family!

Any advice would be greatly appreciated!
Hannah

Rover35

No easy answer I'm afraid.

85% is generaly the limit on re-mortgage though you might find the odd 90% though they'll be expensive.