Please help - Desperate

booboobirdy

Hi,



I am really hoping someone here can give me some advice as Iam desperate. Mum and I lived together and she passed away a month ago. We livein a house valued at apx £180,000 and there is £50,000 left to pay. Mum didn’t haveany life insurance and I am 39, on disabled benefits and have a terrible creditrating. I will list the facts as briefly as I can.





I have lodgers in thehouse and along with my benefits there is £1,600 incoming each month. I havebeen to Santanderand they have said no to a mortgage for me.



The other option I have is my Brother who has his own house andgood job but his credit rating is ‘good’ on Equifax and my financial advisorsuggested a ‘buy to let’ mortgage for him to apply for but now says it will bevery unlikely as he hasn’t got a excellent credit rating.



We can easily afford a mortgage repayment between us but can’tget a mortgage. I really am desperate to stay here as I have lived with Mum allmy life and due a major operation in 8 weeks, plus I am disabled and we live ina bungalow so it’s ideal for my situation and mainly with the grief of losingmy Mum I don’t think I could cope been made to move.



Santander have frozen the account for now so I don’t have topay anything for 2 months – do they have a ‘special circumstances’ mortgage forsomeone in my situation? I will try anything to try and stay here – interest only,adverse lenders? The financial advisor thought my Brother was the best optionuntil his credit rating was only good (468 on Equifax- reason one default andone late payment).



The financial advisor has been recommended by a friend and Iam sure he is very good at his job but wanted to ask your advice also as surelywith the amount of equity in the house, my age and incomings and also myBrother there must be a way to keep the house.



Thank you



Sara

kingstreet

So, who owns the property and who are the parties to the mortgage?

Did your mother leave a will? Who is executor and who are the beneficiaries?

booboobirdy

My mother left a will both to myself and my brother equally and we are both executors and the house is ours.
Thanks

ACG

So do you need a mortgage for £50k to pay off your mums mortgage or do you need one for a bit more in order to pay off the mortgage and buy your brother out of his share?

To be honest, you have no income and a poor credit history - i hate to be direct (especially with what your going through) but i find it best, your chances of getting a mortgage is pretty much non existent.

Your brother is the probably the only chance you do have. A default and late payment isnt a major issue subject to how much the defualt was more and how recent.

It sounds like your advisor is looking into this, why not see what he/she comes up with and go from there?

kingstreet

booboobirdy wrote: »

My mother left a will both to myself and my brother equally and we are both executors and the house is ours.
Thanks

So the property and mortgage were joint between you and your mother?

If the mortgage was joint and the property a joint tenancy, the property automatically passes to you, as does your responsibility for the whole mortgage, as it always has.

Was the property held as a joint tenancy, or as a tenancy in common?

What provisions did your mother make for your occupation of the property?

If a tenancy in common, your mother's share passes into her estate and is distributed according to her will. If she made provision for you, she may have left her share to you and your brother, but there may well have been a condition providing you with a right to occupy the property for your lifetime. Does any such condition exist?

Before you do anything else, you need to establish how the property was held, joint tenancy or tenancy in common. Once you know that, certain issues will become clearer and others will disappear.

booboobirdy

Sorry Kingstreet I didn't expalin correctly - The mortgage was in Mums name only and left the estate equally to me and my brother - I was left as a 'life tenant' meaning my brother couldnt sell the house as long as I wanted to live in it - as long as I could afford the mortage- I cant even get a mortgage but my brother is happy to get a mortgage if he can - any advice would be much appreciated.
Sara

getmore4less

You need to clarify who owned the house/mortgage before mum died.

if just your mum then you need probate to deal with the house that can give some breathing room if not allready granted.

what elsee is in the estate.

If you are now or to be joint owner with your brother that will complicate

ok xpost now covered.

THe issue will be it needs to be a joint mortgage, unless he can raise funds on another place.

booboobirdy

Hi

Mum owned the house outright before she died. We will have to go to probate but I am more than happy to sign everything to my brother, we have discussed this.
Thanks

McKneff

How much is the mortgage,

Can you not afford to pay it seeing as you have £1600 coming in each month.

What benefits do you actually get. You cant just 'sign a property over' I'm afraid,


Could you cover the mortgage yourself and pay your brother a nominal rent for his half of the bungalow.

jaybeetoo

McKneff wrote: »

How much is the mortgage,

Can you not afford to pay it seeing as you have £1600 coming in each month.

What benefits do you actually get. You cant just 'sign a property over' I'm afraid,


Could you cover the mortgage yourself and pay your brother a nominal rent for his half of the bungalow.

The problem is the OP will need to get a new mortgage. Being on benefits that is going to be hard (even if the OP could afford the repayments).

Also the OPs brother owns half of the house complicating any mortgage application even further.

The OP needs to get professional advice (which I think the OP is doing).

booboobirdy

Thank you all for the replies. We are just really struggling for someone to give us a mortgage - high street lenders are a definate no no so was hoping someone may point me in the direction of a mortgage lender who would consider our situation - I realise the interest will be higher but I am desperate to stay here and I know we can pay the repayments - its just so frustrating. Any advice would be so much appreciated, Sara x