Please help.. My Mum's last chance at getting foot back on ladder.

bradders33

Hi all,

Need your help.. PLEASE! Time is running out.

My Mum came out of a long term relationsip a while ago and her solicitor has forced the sale of the they shared and also put something in place which means that when the sale goes through that the solictor will actually divvy up profits to and joint creditors they have, then the remaining cash is split between them.

Recently, whilst waiting for her old home to sell (She is renting at present.)my Mum was lucky enough to be accepted for a shared ownership property and has been allocated a house to which she will have a 30% share of.

She has paid a small holding deposit and had a mortgage with the Halifax agreed.

The sale of her old house and the building of her new house were delayed and in this time her mort' promise expired, when she went to renew it they turned her down and said it was cos of arrears.

She had been in good credit since splitting with her ex and had maintained all of her commitments. So she got her credit reports.

Turned out that her ex had defaulted on their current a/c and joint loan, despite promising to keep them up until the house profits paid them off (He said he would do this as my Mum left the home they shared with hardly a thing, just a couple of sticks of furniture and that was it.) but it appeared that he did not do this.

So since then, she has appealed with Halifax.. But they still said no, has been turned down by Abbey, turned down by a small B/Society and also by one lender who said they would lend to her despite her history, but then said no after they realised the share was only 30% when the min they will lend for is 40%. She could afford 40% no probs, but the housing association say that they don't think she can so won't let her buy more.

It is so frustrating her new place would cost less than her rented place at present AND all the bad debt would be cleared off when the sale of the old house goes thru'. She has said this to the lenders (And proved it with solicitor letters.) when she has appealed to and it makes no odds.

There must be SOMEONE who will be willing to lend her?

She needs:

£38,250 (100% mortgage.)
Over 15 years.
For a 30% Share.

She can poss do a 95% mort, but she won't have the deposit until the money comes thru' from old house.

She is in full time employment, had a good credit history before the split and has paid rent without fail for 18 months.

Can anyone advise please?

This is her last hope of getting herself back on the ladder, if she loses this house there is no way she will be able to get another Shared Ownership again by the time she is credit worthy again.

Please? Anyone?

brannyrhino_2

I think you will have to contact a broker on this one or approach her own Bank & Building Society and explain the position and ask them to do you a decision in principle without them doing a credit check as each credit check reduces your chances.

Buy your credit details off Equifax (£2.00 post £8.00 online) and give a copy to the Society/Bank so they can make an informed decision.

Only let them follow through with a credit check when the Decision in Principle has been agreed.

rammy007

platform home loans a subsidury of prudential

burbs_2

http://www.multicrawl.com/finance/mortgage/bad-credit-mortgage.html

have a look there mate, they seem to have quite a lot of "bad credit mortgages. I know you dont see your mum as having bad credit but due to her ex being a !!!!!! thats what a lender is going to think.

There are loads of places who she could look into, i did a quick search via google and got many entries. I dont think all is lost but i do think its going to cost her due to him letting her down.

You never know though, if you explain the situation to a "high street lender" then the chances are they will look at the whole situation rather than just the last few months.

good luck