Equity but can't get a mortage! HELP!

Dave_Ham

Hi again,

I am surprised one of the brokers you approached have not found a solution for you yet - shame on them.

Given your scenario, I am confident that there would be ways around your challenges, although cannot just come on here and say use bank x as am not privvy to full facts.

I have had clients use bridging finance on a few occassions, although personal preference would be to steer clear. It can be hugely expensive and is fraught with add on charges. Whilst you currently have no clear exit plan it would be dangerous.

One potential issue to be mindful of as this nearly tripped me up with a client a few months ago, is the actual date the property transferred to your ownership (if already done)

This is because all banks have a 6 month barring, where you cannot obtain finance if purchased within 6 months. The issue I had was an inherited house and it went back and forward a few times between the lender and solicitor so do be aware of the potential issue..

Good luck,




Dave

dannymahon

Thanks Dave, I haven't transferred the Land Registry into my name. Reason being I don't know yet if it should be in mine, my wifes or a joint account. I suspect my name as wife will soon only be on statutory maternity leave.

I think the fact that a) I have to wait for 6 months until a mortgage can obtained and b) I am currently a contractor and only have been for 6 months, altogether means I wont be able to get a mortgage or any finance to fix the house until later in the year leaving it empty and the burden of rent

Dave_Ham

The land registry issue may be avoidable, but I would need to check (and will now as I hate not knowing something) what the terms are as I think there is a form that counts as the start of the 6 months - someone will probably know on here, although I am going to find out..

If the land registry 6 months ruling is ok, there are solutions just not necessarily off the shelf..

Will check and come back if no-one has the answer sooner...

Dave_Ham

Problem solved - they will waive this on direct inheritance so long as probate is completed before any new mortgage.

I had the issue last time as I just checked that the client was already on the mortgage and they had changed mortgage provider close to unexpected death to one party on the mortgage and therefore this caused issues..

All the best..

samtoby

If you Mum was living in it surely it is not inhabitable?

Otherwise why would your Mum have been living in it?

If your earning 70k, surely you can just do it up as you go like other people would.

I would personally be greatful of the property and being in such a great situation. Save some money to do the bathroom at least for July, and maybe paint and carpets and go from there.

I had my baby when I was 18 and I lived in a studio that I wouldn't have put my worst enemy in. It was discusting. But there are always worse situations.

Surely after a time and with the baby all settled in; in the new year you can look at doing your dream home.

I could only literally dream of your situation where a home is, but obviously sorry this came from the death of your mother.