Mortgage help??

neildow

I just wonder if that will mean 2 lots of stamp duty (which will be 16K combined) would make it not worth it?

or would he be able to transfer equity at a lesser cost?

I never thought buying a house would be so damn stressful!

Dave_Ham

Ok so well off with lenders - co-op was never going to work but lesson learned...

Halifax are amongst the most lenient lenders so that is accurate.

If you Father buys it and then sells you will attract stamp duty twice, if you do or dont go on the deeds it will still be difficult going to a bank as they will automatically be nervous.

Try and nail it I think now and deal with the issue once...

I genuinely believe there will be a solution to this, not sure the specifics as would take some serious research to find it and your broker sounds competent enough.

Some of the localised building societies can be a bit more flexible....?

sazandy25

could he put your names as owners and pay cash outright. Then you pay him the 'mortgage payments' every month.

Again, sorry no expert.

I know some solicitors offer free advice on Saturday mornings, maybe worth popping into one tomorrow and explaining your situation.

Buying a house is always stressful, just make sure you only do it the once.

neildow

Yes, the double stamp duty almost makes an astronomical interest rate look like a good option.

Thanks for your advice - is there anything else I can be doing that the broker cannot..... you mentioned local BS... do you have any in mind??

Maybe the broker doesn't have access to all of them??

Dave_Ham

Ok - I think I would be able to place this on fairly standard rates..

That said I do not want to name drop lenders on here as some are not available to the general public or some tied networks...

You must be mindful that your broker has more information that me or anyone else on the forum and there may be some information that he has and you have not shared that may preclude lenders
I would think would place, but he/she knows different.

For example it could be a property of non standard construction or ex housing association etc. - you probably take my point...

If you trust your broker, then I would expect them to find a solution here...

neildow

Thanks for that.

opinions4u

Private mortgage.

Dad lends you the money.

You pay him back with interest.

Talk to a solicitor.

Thrugelmir

emmalee1985 wrote: »

Experian and Equifax both state that a default recorded on your file will remain on your file for 6 years. - Not saying that the amount is isnt payable after this, and the company may choose to apply more action.

In my husband's case he defaulted Sept 2008 and settled March 2012. This will be removed from his credit report in Sept 2014.

The lender you default on will flag the account as in arrears to warn other lenders until such time as the account is cleared.

Debts can take longer than 6 years to be repaid.