Advice needed ....please

MiaowMiaow

I have a joint mortgage with my brother - £140,000.

The mortgage now stands at approx £136,000.

The problem I have is that my brother has now moved out back to our parents to save up for a deposit for a house with his g/f.

I have a lodger who has just moved in and I cover the bills/mortgage fine, I was paying more than my brother anyway as he had been made redundant. I have never missed a mortgage payment.

My problem is obviously I will need to take my brother off the mortgage - he will eventually get one himself.

Will they let me have the mortgage by myself (it is coventry building society)? I earn £30k. I couldnt cover mortgage and bills without a tenant but manage fine with one.

My credit rating is not good at the moment as i missed a couple of CC payments - have set up DDs now to make sure that doesnt happen again.

Not quite sure what to do as I doubt if i applied for a mortgage by myself I would get one???

Any advice is appreciated. Thanks

xx

m00m00

From your other thread, you state you have 17k of debts, on a 30k salary, this is going to make a big impact on affordability and make it difficult to get the amount you require which is already a high multiplier.

Senior_Paper_Monitor

No chance with Coventry, limited opportunities elsewhere (which may incur you ERCs) - and would be dependent on one of the few lenders who accept 'lodger income' and (if m00m00's observation is correct) reducing your outstanding debts elsewhere.

MiaowMiaow

Thanks for your comments. I do have debt of now about 16.5k on 2 CCs , a loan and an OD. It is manageable but like I said not without my lodger to cover bills.

What do you think my best course of action is?

My brother can stay on my mortgage until he needs to get one himself (probably 18 mths away) and i am paying off debt asap, do I wait until then and see what i can get?

also is it worth maybe putting someone else on the mortgage? for example, my mum - i am sure she would if it meant i could keep the house.

selling is not an option - it was up for sale for about 18 mths but no interest and i cannot afford to lower the price as will be in even more debt.

thanks x

Thrugelmir

Suggest that you continue to tackle your debts for the time being and repay the mortgage. When your brother finally reaches the point of buying his own property. You sell the joint property and you move back in with your parents. Any remaining unsecured debt you have outstanding, you can then tackle.

originalmiscellany

I would say to keep your bro on the books as long as possible if he's happy with this - and see what you can do to boost your income - can you get someone else in for the next 18 months as well as your lodger?

And see what you can do to clear your debts as fast as you can manage.

That to me seems to be the logical solution.

originalmiscellany

Beat me to it Thrugelmir! You always offer sensible advice

Thrugelmir

originalmiscellany wrote: »

Beat me to it Thrugelmir! You always offer sensible advice

Not always read that way.

MiaowMiaow

Thanks everyone, my brother is happy to stay on the books for the time being so when he is ready to buy with his gf I will see where I am at. Meanwhile I am tackling my debt head on, If I had another room to rent I definitely would.
Thanks for the advice x

Thrugelmir

MiaowMiaow wrote: »

Thanks everyone, my brother is happy to stay on the books for the time being so when he is ready to buy with his gf I will see where I am at. Meanwhile I am tackling my debt head on, If I had another room to rent I definitely would.
Thanks for the advice x

May even pay your brother and his g/f to share the house with you for a period of time. As he'll be able to save money as well by sharing the expense. So a mutually beneficial arrangement.

MiaowMiaow

Thrugelmir wrote: »

May even pay your brother and his g/f to share the house with you for a period of time. As he'll be able to save money as well by sharing the expense. So a mutually beneficial arrangement.

I am hoping this is something they will consider before buying! thanks:)