I need £100,000.. or I will lose my dream house..

desperatelady

Please help, I am a desperate lady needing at least £100,000 to save my dream home, and fighting against the clock..The house is currently on the market! My partner bought the house with his father who decided he didn't like it and moved out, insisting we sale the house to get his money back. How can I raise the finance to pay him off? We have tried to think of everything, but hoping there's something we've missed or not looked into;

The finer details;

Mortgage outstanding £193,000
House worth £390,000
Need to pay at least £90,000 (in a lump sum) (may be able to raise the balance from family members)


The house potentially has an earning of £10,000 over the 8 weeks of summer holidays, which already we have 2 weeks booked - can this be used against lending? We also have a detached garage that potentially with planning permission we can also turn into a holiday let to create income to. Does any of this matter. Any suggestions are welcome.

custardy

desperatelady wrote: »

Please help, I am a desperate lady needing at least £100,000 to save my dream home, and fighting against the clock..The house is currently on the market! My partner bought the house with his father who decided he didn't like it and moved out, insisting we sale the house to get his money back. How can I raise the finance to pay him off? We have tried to think of everything, but hoping there's something we've missed or not looked into;

The finer details;

Mortgage outstanding £193,000
House worth £390,000
Need to pay at least £90,000 (in a lump sum) (may be able to raise the balance from family members)


The house potentially has an earning of £10,000 over the 8 weeks of summer holidays, which already we have 2 weeks booked - can this be used against lending? We also have a detached garage that potentially with planning permission we can also turn into a holiday let to create income to. Does any of this matter. Any suggestions are welcome.

how do you expect an answer?
you dont list your incomes,situation or anything

desperatelady

I am not working as I have two young children and another on the way, my partners salary is £34,500 with £4,200 bonus last year. New to this, and genuinely not much clue about finances, please bare with me but any help appreciated

FireWyrm

You have £197,000 of equity in that property...so, why arnt you seeking a mortgage?

So, who owns that block of equity and how much do you own?

Details please. It's impossible to make any suggestion based on what you have said.

gb12345

desperatelady wrote: »

Please help, I am a desperate lady needing at least £100,000 to save my dream home, and fighting against the clock..The house is currently on the market! My partner bought the house with his father who decided he didn't like it and moved out, insisting we sale the house to get his money back. How can I raise the finance to pay him off? We have tried to think of everything, but hoping there's something we've missed or not looked into;

The finer details;

Mortgage outstanding £193,000
House worth £390,000
Need to pay at least £90,000 (in a lump sum) (may be able to raise the balance from family members)


The house potentially has an earning of £10,000 over the 8 weeks of summer holidays, which already we have 2 weeks booked - can this be used against lending? We also have a detached garage that potentially with planning permission we can also turn into a holiday let to create income to. Does any of this matter. Any suggestions are welcome.

You don't make a lot of sense to be honest.

How much capital did OH's father put into the property?

Did OH's father contribute to the mortgage?

If you are planning on letting out then your current lender will need to be made aware of this (or new lender if you plan on remortgaging) and they may refuse this and even if they do allow it - have you considered the fact that that income will be taxable.

How are you going to afford to convert the garage (assuming you get PP), if you even afford to pay for the house itself.

MacGirl80

You might want to talk to the bank or a property developer

desperatelady

So my partners father put in £140,000 as deposit on the house - although my partner and his dad share the mortgage of £193,000 remaining on the house. My partner pays this, his father makes no contribution.

We only plan on letting the house out over the holiday period, and of course will let those who need to know, know!

we only plan to convert the garage if this helps us in lending the large sum we need - this money I am hoping to get from a family member.

desperatelady

We have done both

FireWyrm

Short of winning the lottery or robbing a bank, I dont see who could possibly give you £100,000 on short notice when you dont actually have sufficient income to service a £193,000 mortgage based on standard multiples. You still havnt said where the other £197,000 has gone...if you only have a mortgage of £193,000 but the house is worth £390K, where is the rest?

gb12345

You've basically got 2 problems.

1. Your OH's father wants his £140,000 back.
2. Your OH's father will also likely want his name of the mortgage - the lender may well not consider this.

As FireWyrm said, you've got no chance of a c. $350k mortgage on your partner's earnings and forget the money from renting out - a traditional lender is unlikely to consider them in their calculations.

gb12345

FireWyrm wrote: »

if you only have a mortgage of £193,000 but the house is worth £390K, where is the rest?

Equity tied up in the house I would assume