Mortgage help for first time buyer

Jaysmummy

Hi I am looking for any advice possible please.

I have been given a chance to buy a family members house and at very low cost. Would only need to borrow the minimum mortgage amount but my credit rating is not the best. Its poor actually. Although the debt making it poor is from years ago so not sure if that would benefit me a little. Any credit I've had recently is all paid up to date with no late payments.

Do you think getting a low amount mortgage would be better than getting names changed on mortgage thats currently on the house? Does anyone know what way in terms of legal fees would be cheapest? Its a brilliant opportunity and one I really don't want to get away

Dave_Ham

Its not quite that simple I am afraid, although will try and help simplify.

What is the value of the house?
What sale price do they want?
What is the relationship to you?
What value is outstanding, who is named on the mortgage and how old are they (approximately - this is important)

On you, have you got your Experian, Equifax and Call Credit files. If so, what does bad credit mean; missed payments, defaults, CCJ's and which one is dated latest?

re they settled, being settled or not settled?

Jaysmummy

The value of the house is roughly £40.000. Its my mothers house and she only owes £17.000. I would be looking for a £25,000 mortgage. Just enough to pay the £17,000 then the rest for improvements. Its her and my dads name on the mortgage and they are 53 and 55.

My credit report has 2 defaults the last 1 being defaulted just over a year ago. My defaults aren't getting paid but any other credit I have is being paid regular with no missed payments.

Dave_Ham

Incredibly unlikely I am afraid.

There are too many variables to balance with an unpaid default of a very recent nature which will restrict you to a few lenders.

Of these many will not like the purchase price (below minimum value) or the sale at undervalue from a family member

Cannot see a way past this I am afraid...

Jaysmummy

Dave_Ham wrote: »

Its not quite that simple I am afraid, although will try and help simplify.

What is the value of the house?
What sale price do they want?
What is the relationship to you?
What value is outstanding, who is named on the mortgage and how old are they (approximately - this is important)

On you, have you got your Experian, Equifax and Call Credit files. If so, what does bad credit mean; missed payments, defaults, CCJ's and which one is dated latest?

re they settled, being settled or not settled?

The value of the house is roughly £40.000. Its my mothers house and she only owes £17.000. I would be looking for a £25,000 mortgage. Just enough to pay the £17,000 then the rest for improvements. Its her and my dads name on the mortgage and they are 53 and 55.

My credit report has 2 defaults the last 1 being defaulted just over a year ago. My defaults aren't getting paid but any other credit I have is being paid regular with no missed payments.

Jaysmummy

Dave_Ham wrote: »

Incredibly unlikely I am afraid.

There are too many variables to balance with an unpaid default of a very recent nature which will restrict you to a few lenders.

Of these many will not like the purchase price (below minimum value) or the sale at undervalue from a family member

Cannot see a way past this I am afraid...

Ok thanks for your help