How long own a house before taking out a mortgage?

sparklelady_2

I recently inherited a house. I wish to move into this house and sell my current house - but need to transfer the balance of the mortgage to my new house. It will only be about 15% of the new property's value. My mortgage provider (c&g) say they can't do this as I've not owned the house for 6months; so now I'm in a pickle. Is this true of all mortgages? Does any one know of a provider that could help?

Thrugelmir

If the inherited house is mortgage free. Why do you need to transfer the mortgage?

sparklelady_2

because I have a house, but no cash to pay off my mortgage!? Why, is there another way?? Prob should also have said want then to give my current house to my brother - with no debts attached to it. gets complicated.

Thrugelmir

Is this your way of paying your brother his share of the estate. If so you'll need to rethink your plans.

Poppy9

If you are not tied in then you can just get a new mortgage and repay the other one.

We managed to get a small mortgage on a second property that we inherited part of to pay off SIL so we then became 100% owners. At the time we still had a mortgage on our current house but then an endowment matured and we paid it off.

sparklelady_2

Why? Can I not take out a mortgage on a newly owned house? Sorry -Am a bit thick at financial stuff. The house was bought in my name through my bank account with help from my folks (kind of a living will I guess but no paper work) on understanding that I'd pass mine on to brother. Am confused.

sparklelady_2

Thanks Poppy, that sounds like it's worth pursuing. Do you know if the lack of 6 months ownership is a problem?

Thrugelmir

You need to own a property for 6 months before remortgaging it. That's the issue you face.

Poppy9

sparklelady wrote: »

Thanks Poppy, that sounds like it's worth pursuing. Do you know if the lack of 6 months ownership is a problem?

It wasn't for us. We used the Principality. The house we were obtaining a mortgage on was in probate when we started the process so we didn't technically own the house. We borrowed about 15% of it's value.

Our existing mortgage on our own house still had 5 years to run, again with principality but there was no tie in so when and endowment matured last month we paid off that mortgage.

We went through the new mortgage application.

sparklelady_2

Yes I know that's the issue. That's why I was asking!!!!!

Poppy9

Do you have a good relationship with your brother?

If so let him move into your house, you move into your new house, continue paying your mortgage and then remortgage your new house 6 months down the line and get your house transferred to him.

He is paying no rent and living in a house he will own soon, you are living in a house but still paying same mortgage and problem solved.

Else talk to your mortgage company, go in to branch if you can, and they might be more accommodating in transferring, especially if you are a valued customer.