Joint Mortgage with Parents - HELP!

Dave_Ham

You are unfortunately in a rubbish position.

You/We need to know what the monthly commitment is though and even more importantly that they have been paying on time. If they miss payments it too will cause your credit file problems and makes it harded to mortgage.

Given you assumed OH income, you may be better doing it in just 1 name although this will in part depend upon what the credit files throw up...

holly_hobby

If they did a Transfer of Equity would they need to 'reapply' for the mortgage? From what I understand, my Mum is now 60 and has been made redundant and my Step Dad is 67 and still Self Employed, I'm guessing they wouldn't get a mortgage based on that?

Well the lender would want to ensure that their income is sufficient to service the mge for the remaining term - legal fees for a TOE is circa £400 plus lender admin fee.

If they don't think it will, then you can not be released.

In that case, they could look to remorrtgage to an alternative lender (whom may be more leninent on the income and age), and remove you at the same time.

OR

If that isn't a possability (and further to my original post re applying in single name of OH) if their income is simply not sufficient, then the property would have to be sold to release you (nowwithstanding lifetime equity release mge arrangements which they may qualify for, and are not based on income, but property value and age of applicants).

Hope this helps

Holly

Tomkat83

I'm sorry if I sound really thick, basically, the only way I can get out of the mortgage is to sell the property? And as they won't agree to this I will have to force this in court?! They won't get another mortgage, their credit rating is shocking!

I will certainly look into my husband getting a sole mortgage on our current property. Thank you.

They really have messed it up for me haven't they...

Money_maker

In all fairness to your parents, it was obviously a joint decision between you all at the time.

jen_br

If you want instant access to your file try noddle.co.uk they are free instant report for life. What a crappy situation to be in sorry OP!

Your parents can rent they are in the wrong here and I think its really crappy... obviously you were in agreement at the time but time changes and you were doing a decent thing.

Tomkat83

True, but I was young and thought I was helping my parents, didn't realise they would then turn on me (and the rest of the family) 7 years later and certainly didn't realise the implications if it went wrong!

holly_hobby

Tomkat83 wrote: »

I'm sorry if I sound really thick, basically, the only way I can get out of the mortgage is to sell the property? And as they won't agree to this I will have to force this in court?! They won't get another mortgage, their credit rating is shocking!

I will certainly look into my husband getting a sole mortgage on our current property. Thank you.

They really have messed it up for me haven't they...

If they are unable to secure a transfer of equity for you, then in essence yes, you would have to force sale (if voluntarily agreement can't be obtained) to get yourself off.

If you want to check your credit record, then check my file provides a multi agency search, free for 30 days, and an easy on line cancellation ... http://www.checkmyfile.com/

Hope this helps

Holly