Complicated house re mortgage! advice needed

rogerdygas

My mother is looking to release £100,000 from her house worth £140,000 in order for me to buy a house. My mum is 61 and working, she has a gross annual income of £11,000 (£6,000 wages £5,000 pension) she has a loan of £14000 repaying £300 a month.

What products are out there to enable her to get £100,000 from her house I would be making the monthly payments and can afford to repay £550 a month.

Thank you all for your advice and ideas!!

ACG

To be totally honest, nothing.

If you can afford the repayments why cant you get a mortgage in your own name?

Thrugelmir

rogerdygas wrote: »

I would be making the monthly payments and can afford to repay £550 a month.

Your mother is proposing to borrow the money so would need to demonstrate an ability to meet the repayments in her own right.

rogerdygas

ACG wrote: »

To be totally honest, nothing.

If you can afford the repayments why cant you get a mortgage in your own name?

Because I have one default on my record (for £57, expires in 4 years 4 months) and on my wage I can only borrow about £70,000 which wouldn't buy anything around here. I'm currently renting so it makes it very hard to save a deposit.

rogerdygas

Thrugelmir wrote: »

Your mother is proposing to borrow the money so would need to demonstrate an ability to meet the repayments in her own right.

Yes i understand that. I was just saying if there is a solution then I cant afford to repay my mum anymore than £550 a month.

Do you or anybody know of any mortgage product out there. Or know any other way of releasing the funds from my mothers place?

mrcow

She's not "releasing" money. She's borrowing it.

A 61 year old is not going to be be given a £100k mortgage. Especially one who brings in £11000 per year.

This is not your mother's problem to sort out. Why you'd want her to take on such a massive debt at her age so you can buy a house beggars belief. It's absolutely unacceptable.

Leave her alone.

ACG

Depending on the info regarding the default you may still be able to get a mortgage. Your mum may be able to get a mortgage for the extra £30k

I think that would be your only potential option.

rogerdygas

ACG wrote: »

Depending on the info regarding the default you may still be able to get a mortgage. Your mum may be able to get a mortgage for the extra £30k

I think that would be your only potential option.[/

I see you are a mortgage advisor could you see what lenders would accept me? I understand it's hard to find sub prime lenders.

ACG

Not really, we can give you pointers on here and some generic advice. We cant give specific advice though, you need to speak to an advisor who can do a factfind and then give you advice.

What i can say is that there are lenders who would potentially look at accept your defaults - although there is no guarantee they would accept you. That would have to go through the underwriters.

Your best bet is to get in touch with a mortgage advisor, as generally the lenders that accept defaults mostly deal with advisors.

holly_hobby

This has GOT to be a wind up !!

H x

Caz3121

rogerdygas wrote: »

on my wage I can only borrow about £70,000 which wouldn't buy anything around here. I'm currently renting so it makes it very hard to save a deposit.

I am assuming your income is higher than your mothers so not sure why you think she would be able to borrow more than you.
Also she is very unlikely to be given a 25 year mortgage (even if she did have sufficient income) so the payments would be well over your budget.

Can you move back home to help save for deposit?