Release Equity for Children.

JimmyTheWig

Another thought...

Get your mum to sell the house and use some of the money to do your loft conversion and buy out your ex.
Your mum can then move into your loft.

hotnuts21

JimmyTheWig wrote: »

Another thought...

Get your mum to sell the house and use some of the money to do your loft conversion and buy out your ex.
Your mum can then move into your loft.

:rotfl::rotfl:

As much as I love my mum, I dont think i could cope with living with her again!!

There is some good advice here and basically you have all said what I have been thinking, that for her to free up cash from her house is going to be expensive. I guess I was posting in the hope that there was another option available I hadn't thought of or considered, and it seems there isnt.

To clear up some of the other questions (if your interested), me and my Ex remortgaged a short while ago because we were on such a high %. I have knocked around £100 off the mortgage a month with no change, as it was moving from one product to another with the same company there were no fees/charges etc. Basically santander wanted to get us off the Alliance and Leicester mortgage and onto one of theirs so they were overly helpul.

Me and the ex are tied into this for another year, we have agreed I will continue to pay when I move back in. After a year i will buy her out, so its very much in the future. At that point I will have been paying it myself for a year so should be able to use this as leverage when remortgaging if I need too.

As for the lodger, already told them about this and its fine, no extra charges or costs to add to the mortgage it just carries on as it is as long as I tell them.

My Brother has said he might be in a position to lend me some money or take a stake in the house (and so go onto the mortgage too, helping with the above) in about 3-4 months. But its not concrete it depends on his job and his own house.

I might look at a loan for the loft, get on with that this year and go from there, then reevaluate all the options in a year.

Hope that makes sense, thanks for all the advice.

JimmyTheWig

Sounds like a reasonable plan, OP.
So for the next year you have one task to be single minded about...
Save, save, save.

This site is great for helping people save money. Do a budget and stick to it. Get everything (gas, electric, insurance, shopping, etc) you buy for cheaper. Cut out some expenses that you don't need (e.g. make a packed lunch for work rather than buying one; take a drink of squash on a journey rather than stopping to buy an expensive on en route).
Build up as much money as you can in a savings account. This will really help you get the mortgage as it will help get your loan to value down, as well as the amount you need to borrow.
You don't know what's going to happen to the price of the house in the next year, so everything you can do now will help.

One thing I would say is that you should make sure you work out details with your ex now and get something down on paper. Up to you if you think a solicitor is needed. For example, are you going to pay her half the equity as at now in a year's time? Or half the equity as at the time you pay her? What if the price of the house drops by that time leaving no equity - will she accept that she gets nothing? Or if it rises sharply (unlikely, but you never know), etc?
And you need to consider how to value the house. An estate agent will give you a price they would market the property at - this will be much higher than what you'd be able to sell it for.