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friend has walked away from mortgage.
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I don't know if my salary would be enough to cover the mortgage. What criteria does a lender use? Must the repayments not exceed a certain percentage of salary? I have no loans or credit cards if that's any use.0
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As this business has now failed it would be better to sell the company assets and repay the creditors.0
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Its not a business, its my home.....and I trying to sell!!!0
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Total lending is likely to be 3 or 3.5 times salary assuming no other debts etc.0
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get a lodger asap, i find spareroom.co.uk is the bestHi, we’ve had to remove your signature. If you’re not sure why please read the forum rules or email the forum team if you’re still unsure - MSE ForumTeam0
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A failed business venture.
Cut your losses.0 -
1. If you are finding it difficult on your own to find this ex-friend then I think it would be worth your while to set a private detective onto finding him. Private detectives dont actually cost THAT much. I've hired one once. It was some time ago - but I think it was only about £25 for the one small little task I wanted done. I would think this would be a case of a private investigator would know which sources to check to find someone/use them/job done - so it wouldnt be a case of having to pay one to hang around for hours watching a spouse suspected of cheating.
2. Having found him - then get his name off those deeds (I imagine he would probably go for that if he's threatened with legal action if he doesnt do so:cool:).
3. Pay him any equity he is owed (bearing in mind: what the house is currently worth and how much he owes you towards mortgage payments). Could be that he actually owes you money - dependant on how much deposit he put down in the first place - in which case its small claims court to get that money back from him.
4. Obviously I agree with the sentiment re getting a lodger - £900 a month is a LOT for a single person to find.:eek:
5. DO bear in mind that this missing ex-friend would pretty soon pop up out of the woodwork fast enough if house prices started to go up again and want his equity (whilst carefully discounting all the mortgage money he owed you). So - chances are that HE has found a way to keep an eye on YOU - so I doubt hes run that far afield - someone somewhere probably DOES know where he is...
So - is there anyone you both know who was ever done a reasonable size favour by this ex-friend at any point? If so - they might be the person who is acting as a "link person" to keep an eye on YOU (or - to be more accurate - that house price equity) and they will at least have some clue as to where he is.0 -
I don't know if my salary would be enough to cover the mortgage. What criteria does a lender use? Must the repayments not exceed a certain percentage of salary? I have no loans or credit cards if that's any use.
At a push you could probably borrow 4x your salary, but more realistically it will be 3 or 3.5x.
Also, you will need AT LEAST a 10% deposit, so if there is no equity, you'll need some cash to increase the equity before they'll let you take the mortgage on your own.
Why don't you post the rightmove link on here and let people give you some constructive criticism on what they think?Should've = Should HAVE (not 'of')
Would've = Would HAVE (not 'of')
No, I am not perfect, but yes I do judge people on their use of basic English language. If you didn't know the above, then learn it! (If English is your second language, then you are forgiven!)0 -
Before you do anything else, find him.
Selling, transfer of equity, whatever you try to do needs his signature.I am a mortgage broker. 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. Please do not send PMs asking for one-to-one-advice, or representation.0
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