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Mortgage Advice Please....
rhowes2000
Posts: 85 Forumite
Good evening,
I'm hoping some of you knowledgeable folk maybe be able to help me please.
I split with my ex around 4 years ago, it was an amicable split. We have a child together too. Anyway, we have a joint mortgage and secured loan against it. We both think we'd be very lucky to sell it and have enough to clear both the mortgage and secured loan.
My ex has a boyfriend and they are looking to move out and get a new place together, I've got no issue with this in theory. He has a large deposit to put on a new place (circa 50% I think) but both of their incomes are low. My ex is looking to rent the existing house out, I guess I have to give permission and she has to jump through a few hoops, lenders approval and energy certificates etc?
More important to me is the fact I live with a family member and can't get a mortgage of my own. I don't want anything extravagant, just a 1 bed flat to begin with, circa £80-90k. I am currently clearing debts (should be done by the end of 2012) and I will start saving thereafter.
Please could anybody advise me on the best way to resolve this? It would be best for everybody concerned if I was taken off the original mortgage and got a place of my own but it doesn't seem possible. Also, when we split I was in trouble financially and as such have two defaults and a CCJ. They are fully cleared but still on my record. I don't think I have much hope of getting a mortgage myself but does anybody have any ideas please? I'm reluctant to throw money away on rent.
Thank you for reading.
I'm hoping some of you knowledgeable folk maybe be able to help me please.
I split with my ex around 4 years ago, it was an amicable split. We have a child together too. Anyway, we have a joint mortgage and secured loan against it. We both think we'd be very lucky to sell it and have enough to clear both the mortgage and secured loan.
My ex has a boyfriend and they are looking to move out and get a new place together, I've got no issue with this in theory. He has a large deposit to put on a new place (circa 50% I think) but both of their incomes are low. My ex is looking to rent the existing house out, I guess I have to give permission and she has to jump through a few hoops, lenders approval and energy certificates etc?
More important to me is the fact I live with a family member and can't get a mortgage of my own. I don't want anything extravagant, just a 1 bed flat to begin with, circa £80-90k. I am currently clearing debts (should be done by the end of 2012) and I will start saving thereafter.
Please could anybody advise me on the best way to resolve this? It would be best for everybody concerned if I was taken off the original mortgage and got a place of my own but it doesn't seem possible. Also, when we split I was in trouble financially and as such have two defaults and a CCJ. They are fully cleared but still on my record. I don't think I have much hope of getting a mortgage myself but does anybody have any ideas please? I'm reluctant to throw money away on rent.
Thank you for reading.
0
Comments
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With adverse credit you would need a deposit of 20% or more.
Debts will reduce amount of borrowing available to you as will the current mortgage potentially. Renting out the current property requires the permission of the lender more importantly than your permission.
Without this you cannot rent it outI am a Mortgage AdviserYou should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
Thank you GMS, much appreciated. Just a quick question please, if the lender gives permission to rent out the property will the mortgage still have an impact on how much I can borrow, or will the rental income go against the mortgage thus freeing up my income?0
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As long as the rent covers 125% of the mortgage payment then many lenders will ignore it for affordability purposes.I am a Mortgage AdviserYou should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0
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Thank you GMS0
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