Mortgage advice

adie_11

Hi,

I am posting this on behalf of my friend.

She is currently living in a house that is owned by her husband, they split 8 months ago and she has just found out that he has not paid the mortgage. The house is now due to go to court for repossession.

Her husband has agreed to sign the mortgage over to her, however she was wondering if this would be possible as her credit rating isn't fantastic.

The mortgage is with nationwide, the house is worth 162k and the mortgage is 112k. My friend earns approx 18k a year and works as a nurse in the nhs. She is 33 years old and the mortgage has 20 years left to run.

Would a guarontor on the mortgage help? Would she stand any chance of getting the mortgage?

This is very upsetting at present for her and she could actually afford to make the current mortgage payments herself.

Many thanks all advice welcome!

kingstreet

She will not be able to borrow enough to take on a mortgage of £112k. Effectively, she would have to purchase the property from her husband, perhaps using the equity she will receive as a settlement as her deposit in a "purchase at undervalue from family member."

She'll need a guarantor and a lender prepared to accept what these credit problems might be. Nationwide won't do it IMHO.

I suggest obtaining her credit files and sticking them in front of a decent whole market broker;-

Equifax

https://www.econsumer.equifax.co.uk/consumer/uk/gb_consumerletter.ehtml

Experian

https://secure.wiseconsumer.uk.experian.com/wiseconsumer/secure_index.html?data=00

CallCredit

https://www.callcredit.co.uk/stat-report-online/index.php?action=register_display&tpl=regPurchase

Get all three as the entries can vary from one to another.

dimbo61

Why is the property owned by her husband ?
Once they married it,s 50/50%
Have they got kids ?
Why does she earn £18K if she is a nurse in the NHS
Qualified nurses earn band 5 so approx £30K a year if full time.
Has she not checked at any time in the last 8 months that the mortgage has not been paid? No letters from the lender to the home address !!
CSA if kids involved or go speak to a good solicitor