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New to mortgages...
me_mondo
Posts: 2 Newbie
Hi,
Need advice on whether this is possible.
I have recently suffered the loss of my mother and it has been a very difficult time for all the family. She has left her house to me and my brother. The house is worth est. £140k. Neither of us want it sold, but neither of us want anyone else to live ther yet. So, we have agreed me and my wife live there.
I would like to be able to give my brother something by purchasing his half of the house, giving him a lump sum for deposit to buy a new home.
I have a lot of debt and on a DMP. I have no CCJs / IVA or Bankrupsy, just not good credit rating.
What are the chances of me getting a mortgage around 80% LTV to buy my brothers half of the property and consolidate depts from equity i already own in the propery?
Anyone have any advice?
Need advice on whether this is possible.
I have recently suffered the loss of my mother and it has been a very difficult time for all the family. She has left her house to me and my brother. The house is worth est. £140k. Neither of us want it sold, but neither of us want anyone else to live ther yet. So, we have agreed me and my wife live there.
I would like to be able to give my brother something by purchasing his half of the house, giving him a lump sum for deposit to buy a new home.
I have a lot of debt and on a DMP. I have no CCJs / IVA or Bankrupsy, just not good credit rating.
What are the chances of me getting a mortgage around 80% LTV to buy my brothers half of the property and consolidate depts from equity i already own in the propery?
Anyone have any advice?
0
Comments
-
sorry about your loss.
I am not sure on DMP and mortgages, but 80% LTV is very high, I appreciate what you are trying to do.
you will be looking to borrow £110K. Is that feasible on your income?0 -
Repayments are not a problem (and income / max mortgage calculators keep saying i'm fine). I'm currently paying near 800 per month in rent and another 200 per month into DMP, and with the mortgage i will have consolidated all of my debt...
...think i'll book an apointment with my local mortgage adviser, nothing hurts in asking...0
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