Please Help Me!!!!

yurp_82

Bestthingsinlifearefree- so thats what an SOA is lol I will have a look at the example form in a minute. I have considered renting a room but currently the house is in no fit state to do so... As far as buying him out well my Dad wrote up an agreement which he, my ex and a witness signed but his name is still on the mortgage. As far as the actual deeds go I really dont know, will they have updated them when I remortgaged? I will check tonight.

Toonfish- I think I will give GMAC a ring this afternoon, believe it or not I am at work but I need to get things sorted! I will start the search for a fees free broker, I'll have a look in the Yellow Pages I suppose.

Cheers

Bestthingsinlifearefree

yurp_82 wrote:

Bestthingsinlifearefree- so thats what an SOA is lol I will have a look at the example form in a minute. I have considered renting a room but currently the house is in no fit state to do so... As far as buying him out well my Dad wrote up an agreement which he, my ex and a witness signed but his name is still on the mortgage. As far as the actual deeds go I really dont know, will they have updated them when I remortgaged? I will check tonight.

Toonfish- I think I will give GMAC a ring this afternoon, believe it or not I am at work but I need to get things sorted! I will start the search for a fees free broker, I'll have a look in the Yellow Pages I suppose.

Cheers

Hi Yurp,

Is your dad a solicitor ?

I think the name on the mortgage / deeds point is really important both for you and him. e.g if his name is on the mortgage in the banks eyes he is still liable for it (so not good for him) but also if he is on the deeds / mortgage, legally he still might own half the house etc etc. so not good for you.

You really need to look into this.

If you have bought him out this must be reflected in the mortgage and deeds.

Get the house tidy and rent a room out ! :rolleyes:

Good luck !

yurp_82

No my Dad isn't a solicitor! It was an agreement between us all as it was the best way to help him and me out at the time, we are still on talking terms. I have spoken to GMAC who are sending out an illustration for interest only (£75 fee) and I will check the deeds tonight and post agin tomorrow!

Thanks you have all been great today, very supportive really made things seem brighter you know

Rick62

Remortgaging for a better rate would be ideal, however 5 x income is usually only for higher earners (from the mainstream lenders). One option would be if your father has good credit he could act as a guarantor, enabling you to get a good mainstream rate.

I would be very surprised if GMAC (or any lender) asked you to sell the house because your circumstances have changed, so long as you are making your monthly payments. Changing to interest only for now would be a good idea, just tell them it is temporary as you have some extra personal expenses that you want to pay off first. They will probably charge you a fee (maybe £100) but should not be a big deal.

AMILLIONDOLLARS

I would get a solicitor to look over your agreement to make sure its all above board, You don't want any nasty surprises poping up at the last minutes, especially as it seem as if you have already handed on a large some already.

You maybe on speaking terms now, but you never know what's around the corner.

AMD

yurp_82

Hi everyone,

I didnt manage to find out my deeds last night as I got hoem late. This is now my job for tonight aswell as all the housework lol As far as getting a solicitor to look over things, as it stands at the moment I am in no financial position to do this. I have those concerns about what might happen in the future but Im stuck hoping for the best at the moment!

Although my father has a good credit rating, his work situation is unstable as he is self employed so this was not considered to be a viable option.

If I was going to post a SOA on this forum where abouts is the best place to do this?

I am determined to get on top of things.

Lindyloo_2

Hi Yurp - just skimming through these posts and wanted to let you have the benefit of my experience.
I tried using L & C (London & Country) mortgage brokers for my remortgage I had a fella called Tom soper. They are highly recommended by Martin and are completely free. I do not have their details to hand but I found them on this website. I explained everything to him and he helped me answer all the questions, and on some of the mortgage applications they were all filled in for me.
I found Tom helpful, informative and friendly. I now have 3 mortgages through them. They check for the best rates with loads of lenders and he will know what mortgage companies will give 5 x your salary. They also contact you when your fixed rate deal is coming to an end and will find you the best one again.
Good luck

yurp_82

Thanks Lindyloo I will try and track this company down, I wonder If I could deal with Tom himself! I hope to be in a position where i can return some useful advice on here someday!

toonfish

just as a flag up for the independent brokers - they can do anything London & Country can and will be able to deal with you face to face if you want this.

Lindyloo_2

If you are interested in L & C Yurp I looked at my paperwork and their website is https://www.lcplc.co.uk. I appreciate toonfish's comments and I suppose its a personal thing. I loved the fact that I could just ring when I wanted and dealt with my mortgage during my breaks but did not have to have time off work. Good luck whichever route you go.