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advice form the pro's please :) re-mortgage question
mikecmr
Posts: 75 Forumite
A friend of mine and i bought a house a few years ago with (185k) and have since being paying the mortgage to the effect that the outstanding balance is £159k.
Now he is leaving the country so wants to removed his details off the mortgage, which is fair enough i mean id want the same
we have come to a price to buy his share of the house so all that is sorted.
The problem i have got is getting a mortgage of 159k on my 27k salary is down right impossible. My mother says she will put her name on the mortgage as she does not want me to have to move. I have tried a few differnet mortgage places today and they all say because my mother is retiring in 5 years time then they cannot take her details into consideration
so looks like im going to have to move and downsize to something that the mortgage people think i can afford or am i missing something?
Now he is leaving the country so wants to removed his details off the mortgage, which is fair enough i mean id want the same
we have come to a price to buy his share of the house so all that is sorted.The problem i have got is getting a mortgage of 159k on my 27k salary is down right impossible. My mother says she will put her name on the mortgage as she does not want me to have to move. I have tried a few differnet mortgage places today and they all say because my mother is retiring in 5 years time then they cannot take her details into consideration
so looks like im going to have to move and downsize to something that the mortgage people think i can afford or am i missing something?
0
Comments
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On your salary you should be able to get about £130k, so you need your morthers income to be good for about £30k, so provided she will get pension income over about £10k, and has no other commitments it could be do-able.
However, presumably your mother will not be contributing and it will be you solely paying the mortgage? which is 6x your income! you may struggle, downsizing may be more sensible?I am a mortgage adviser.You 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 -
yeah will be all my income that pays for the mortgage, i have in principle got a lodger for the room which will cover most of the mortgage payments, its just getting the mortgage which is the main problem
just been looking at places around here and apart from the odd 1 bed flat there is actually nothing, need to find out about her pension income thanks for the advice 0
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