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Remortgaging to purchase our 25% share
gemmacantan1
Posts: 92 Forumite
Hi,
We have a homebuy property and we are in the financial situation to buy are 25% share which is roughly £30-£35k. Unfortunately I got into some finanical difficulty 5 years ago and now have defaults. I know the likelyhood of us getting a joint remortgage is impossible but my husband has a great credit score and earns enough to get a second mortgage of £60k which is more than we need.
Is this possible? Our current mortgage payment is extremely low and we could easily afford it. We also have a tgood deposit. I'm not really sure how it works but its something I'd like to consider.
If anyone can help that would be great
Many thanks Gemma
We have a homebuy property and we are in the financial situation to buy are 25% share which is roughly £30-£35k. Unfortunately I got into some finanical difficulty 5 years ago and now have defaults. I know the likelyhood of us getting a joint remortgage is impossible but my husband has a great credit score and earns enough to get a second mortgage of £60k which is more than we need.
Is this possible? Our current mortgage payment is extremely low and we could easily afford it. We also have a tgood deposit. I'm not really sure how it works but its something I'd like to consider.
If anyone can help that would be great
Many thanks Gemma
Will be debt free by December 2016. Total debt £6207.35 . £188 per month on a DMP with Payplan.
4 Creditors = Capital One - Default, Vanquis - arrangement, Aqua - Default, Next Directory - Paid in full
4 Creditors = Capital One - Default, Vanquis - arrangement, Aqua - Default, Next Directory - Paid in full
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Comments
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The only possible glitch is that as you are married, credit files will show you as financially associated.ORIGINAL MORTGAGE AMOUNT £106,454.00 (Started Sept 2007)
NOV 2021 O/S AMOUNT £1,694.41 OUR DEBT REDUCED BY £104,759.59 by std regular, over-payments & off-setting.
BofE +0.19% Tracker Repayment Offset Mortgage Discounted Sept 07-10 then increased to BofE +0.62% until 20270 -
gemmacantan1 wrote: »I know the likelyhood of us getting a joint remortgage is impossible but my husband has a great credit score and earns enough to get a second mortgage of £60k which is more than we need.
A second mortgage? Do you already have £30k mortgage on it so you already own a share and are looking to increase that share?
Is that mortgage in joint names?I am a Mortgage AdviserYou should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
Our current mortgage is £99k, we have a little equity and as mentioned the share we need to purchase is £30k approx depending on current valuation. We want to purchase the remaining share so the whole property is ours while the prices are quite low.
Our first mortgage is in joint names, we have never missed a payment.
Many thanks
GemmaWill be debt free by December 2016. Total debt £6207.35 . £188 per month on a DMP with Payplan.
4 Creditors = Capital One - Default, Vanquis - arrangement, Aqua - Default, Next Directory - Paid in full0 -
The only possible glitch is that as you are married, credit files will show you as financially associated.
I did wonder whether that would be an issue. For the last five years apart from the defaults I have kept up all my repayments and have kept my debts relitively low. It was only because I was missed sold a debt management plan. I wasn't told that all my creditors would default me. But we live and learn.
I guess its worth asking a provider or something.Will be debt free by December 2016. Total debt £6207.35 . £188 per month on a DMP with Payplan.
4 Creditors = Capital One - Default, Vanquis - arrangement, Aqua - Default, Next Directory - Paid in full0 -
There could be a couple of routes that you could look at. But it would (as always) depend on your own individual circumstances.
Have you spoken to a broker yet?I am a Mortgage AdviserYou should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
There could be a couple of routes that you could look at. But it would (as always) depend on your own individual circumstances.
Have you spoken to a broker yet?
I've made an appointment with one. It was just someone mentioned it to me over xmas. It was something I had never considered.Will be debt free by December 2016. Total debt £6207.35 . £188 per month on a DMP with Payplan.
4 Creditors = Capital One - Default, Vanquis - arrangement, Aqua - Default, Next Directory - Paid in full0
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