This is a sticky situation!

Dave_Ham

Please try not to worry, you are seeing a professional tomorrow and they should have solutions.

You have fair equity/deposit and there are a few lenders that will consider the benefits at 100%

Good luck tomorrow....

holly_hobby

Hey Betty,

I completely appreciate your situation and your worries and fears .... and I speak from experience (my own Dad died suddenly when I was a child).

Emotionally as time goes by, you will become stronger and more resiliant - presently you have here (in my opinion) some of the best mge brains I've encountered, and other professionals from within the industry. You also have you own personal adviser, FS and Legal - anything you're not sure of, and its too late in the day to ring your adviser, you come on here, or even if you just want to double check you've understood what you've been told.

Now, if they aren't able to secure you a mge to pch the property, I don't believe all may be lost (albeit some amendments to your short term plan may have to be looked at for what I'm thinking), but we'll deal with that if it happens.

Let us know what tomorrows meetings bring.

Hope this helps

Holly x

Gothicbetty

I've been looking around on here at people in this similar awful situation and I saw that Martin:money: was collecting info from a similar thread started by someone called Stormybay?? The poor thing went through something similar albeit a few years ago now so things have changed quite alot. This seems like such a minefield. I was such a wally taking life for granted and my partner did everything financial in our lives as I'm terrible with numbers.

Ironically I've been on here in the past for debt advice and we (because of this site alone!!!) Got a massive PPI payout to pay off nearly all of our (his) debts and with what was left we finally had the money to get married. It was meant to be on my birthday, November 10th, my dress arrived two weeks before he died! I cannot believe what's happened!? We've only lived in our dream place (Whitby) for 4 years and here I am alone now! He was my soul mate and I'm not sure how I'll continue! It was so sudden, he went out feeling unwell after having back pains at home and dropped on the pavement before he got there...aged 43! A fit postman that walked 10 miles a day! Doesn't make sense. The thing that makes me crazy is next year was supposed to be our year of taking it easy as for the first time we'd be debt free! The stress of 3 jobs and a debt management plan (all in his name obviously) took it's toll and he died of sudden death due to a cardiac arrest! Lesson for us all I think!!!

I really really appreciate your help and guidance! I will come back with his options...lets hope there's a few!

Betty xxx

holly_hobby

Big hug Betty, be strong for tomorrow .... your MSE friends will be here when you get back and need to chat it over ..

Hols xx

Gothicbetty

Hello guys!

I saw the IFA today who basically said that the best deal was with the bank that my partner already had the previous mortgage with, the ones that gave the mortgage for this house...the ones that threatened repossession if I didn't cough up!!! HALIFAX!

I've been told to swallow my emotional pride and put feelings aside and they have (in principle I guess as they just told him) said they would lend me a bit more than I needed!

All things considered my adviser said that given the history (them being the ones to have to take the repossession proceedings) they would be less favoured if it did go to court and I offered to cough up the 60k and was turned down for the rest (33k). He thinks a judge would wipe the floor with a bank that would effectively leave a 3 year old and a bereaved partner homeless when I had a high credit rating, large deposit and good banking history and the prospects of working from home albeit recent, he said it still looks good and they'd be idiots not to grant it!

However, he still photocopied my ID and bank statements just in case I had to go back in at a later date...but he thought that unlikely! He was unsure whether it would be a re-mortgage or a first time buyer though...now if he didn't know that will they!?

Well tomorrow 10am Halifax here we come! Still biting my nails!!!

Wish me luck, pray, cross fingers the lot!

Thank you once again for listening to be blither well read..you know! LOL

Bettyx

Dave_Ham

Halifax are a logical selection, not sure why the broker told you to go to the branch though???

holly_hobby

Hi ya Betty ....

Well thats good news ...if he knows the situation, relayed this to Halifax when placing and got the inc stretch

He's confused ? because you already live there, but it isn't a remortgage as you aren't the legal owner - its a straight purchase from the decd's estate.

Hope this helps .. keep us in the loop Betty

Hols xx

Gothicbetty

Apparently he can't sort it as they already have the control over the history of the account. If I was a new referral (for Halifax) then he could. I'm going into branch to speak to the mortgage adviser there. I'm so worried...I know they told him they would lend under my financial situation but that could change!?

:0/

QBSBuck

👀

Glad to hear/read this news. Been watching. Wishing the best for you both.

holly_hobby

Hey Betty,

Only natural to be worried, go and see the branch, ensure you give them everything that is positive about your financial situation and how it will continue to improve plus the fact that you have every intention of ensuring you maintaining the mge for your little girls and your own sake and see what transpires .....

If under 75% LTV it may well go to mandate (which just means that an UW will personally review the details of the application, history etc, and make a decision on his mandate, or they will refer it up if the amount reqd is above their personal limit). Mandate lending is a facility an UW has if the case is os of normal uw criteria, and dependant upon the strength of the case presented to them (with a low ltv being the starting point), they feel that the risk of default is low to nil.

Try and not fret too much (but I know you will), you know that you are in a v strong position and hopefully Hali, will agree that this is a no-brainer for them given the circs

Wish you well chuck ... keep us posted

Hols x