not sure where to go from here - please help

happymoneysaver79

Hi!
These are the figures:

My partner earns £35k
Me £0
My mum earns £13k
My dad £0

Equity in mum & dads £85 - £90k (no mortgage)
Equity in our propery - £0 (mortgage £75k Loan £25k)
Buy to let in our name - £61K (possibly £10-£15k equity)

My dad and I are in the process of starting a business. Myself and my partner are in a debt management plan having got into financial difficulty last year due to employment loss.

We are living a nightmare due to bad neighbours and are desperate to move but cannot see how this is possible. My parents are in their mid 50's and are willing to take on a mortgage but are not sure how much of a mortgage they will get based on my mums income (we are yet to make any profit with our business). We are looking for cheap land or a wreck of a house to do up as we have experience and can do this ourselves but are struggling to find something locally for the money we have.
I hope and pray that they can get some kind of mortgage but I am not sure where to look.
If anyone has any suggestions I am willing to take them on board.
Any help at all will be gratefully received xx

CLAPTON

if the neighbours are the mian problem why not sell asap and either rent, live in your BTL or move in with mum and dad
then wait until the business takes off (or get a job) and then sort out a new home

happymoneysaver79

buy to let is too far away to travel to work. Mum and dad are currently next door so we have the same neighbours (this is no petty dispute - this is intimidation and threats of violence so bad I cant take my kids to school).

happymoneysaver79

also the current value of my property is around £80k so no equity.

SusieWoozy_2

if the only reason you are looking to go is your neighbours, tackle that issue, no one deserves to be pushed out their own home, I'm a Nuisance officer for a housing association so believe me I understand how hard nuisance and threats can be, but believe me, don't uproot yourself because of someone elses behaviour. Do they own their own home? x

happymoneysaver79

its not the only reason as the area is really bad but this has given me the final push.

happymoneysaver79

maybe I should post this in another forum.

Conrad

If your parents have good credit, in nprinicple a new mortgage in thier name is more than possible. This has to be framed just right or it will fail. Speak with an EXPERIENCED hands on broker (not call centre with lots of young lads staffing it - they wonbt have the first clue).

happymoneysaver79

Conrad wrote: »

If your parents have good credit, in nprinicple a new mortgage in thier name is more than possible. This has to be framed just right or it will fail. Speak with an EXPERIENCED hands on broker (not call centre with lots of young lads staffing it - they wonbt have the first clue).

Thankyou.
I have contacted someone as you suggested, they have said that in principal my parents can borrow 4 x their income (supprised at this as I thought that it was 3 x their income) they need us to sit down together and go through the figures. I have been told to sit tight and leave my properties as they are as there is no benefit in selling them.

Wh05apk

Realistically on a joint income of £13,000 your parents will get a very small mortgage, lenders have to show affordability, and after paying their living costs from £13,000 your parents will have very little to contribute towards a mortgage.

If you and your partner are in a debt management plan, it is unlikely you will get a mortgage either, it sounds like financially you are overstretching yourselves, I would suggest working on your own finances first, if you really must move, why not rent your house out, then rent somewhere while you sort your debts out, and get your business to be profitable?