garantor loans!!!!

tomvandam

Thats why I suggest you ask you're MIL for some finacial assistance as se owes you 40K ..........

darkmagician

Apples2 wrote: »

This gets more laughable.

The MIL had no deposit so the OP gave her £40k to use as a deposit.

The MIL has not made any payments toward the mortgage as the OP makes all payments.

I can't work out what role the MIL has in all of this, she contributes nothing now and never has done, but she has ended up with a house in her name. She sounds a wise woman, I like her!

the role of my MIL is simple, we could not get a mortgage but had a deposit, we used our deposit and my MIL took out the mortgage, had to be BTL due to tax reasons, so basically we pay for the house although on paper it is my MIl's house in her eyes its ours, we pay for the whole mortgage through her and all maintainence and improvements are ours. if we sold it all equity and profit would come to us.

darkmagician

ILW wrote: »

Sell the house to release £40,000
Pay off you debts, wait a few years and use what is left to buy a house.
Simple really.

what is the point in that, sell house at no profit, spend the deposit the wait how long to be able to get a mortgage???
in the mean time rent at a higher rate than what the mortgage is (dead money)
then if we still have enough for a deposit buy a house at a higher rate than what we sold ours for, not really feasable,

it would be easier to DRO wait six years then be debt free, still have house and no debt,
then get mortgage.

ILW

darkmagician wrote: »

what is the point in that, sell house at no profit, spend the deposit the wait how long to be able to get a mortgage???
in the mean time rent at a higher rate than what the mortgage is (dead money)
then if we still have enough for a deposit buy a house at a higher rate than what we sold ours for, not really feasable,

it would be easier to DRO wait six years then be debt free, still have house and no debt,
then get mortgage.

If you DRO, the chances are that you will never get a mortgage, unless the market changes significantly.

Think you need a dose of reality, you are up to your neck in payday loans and already have CCJs and you now want to drag your MIL into your own sorry little world so you can drag her down with you.

Angry_Bear

I suspect you are unlikely to get the scenario you want (guarantor loan) and I would suggest a visit to the Debt-Free-Wannabe forum. The people there will be able to give you advice on how to manage your budget and pay off your debts as quickly as possible, they'll also be able to give you some advice on how to limit the damage to your credit report to put you in as good a position as possible in 5 years.

Also, they're a little more "forgiving" than this section of the forums

http://forums.moneysavingexpert.com/forumdisplay.php?f=76

OneLife_OneShot

And I thought I was insane.

DCFC79

You need to cut your spending like yesterday.