Equity relase problem

jackneedsadvice

Need some advice please guys.

We have accepted a bid on our current house which will clear the mortgage of £133,000 but leave us with no money left over after all fees. We wanted to transfer the mortgage to our new home to the sum of £80,000 and pay the difference.

The problem is my wife has been made redundant and is currently on maternity leave so not trying to find a job. Nat West our current lender wont transfer the mortgage as they will only lend us £26,000 on my income, to further complicate things we have inherited the house and only had our names on the deeds for 2 months and most banks will not remortgage (which the loan is classed as) until after 6 months +.

The new house is in the process of being gutted and requires around £30,000 to finish it to the standard we would like, its current value is £100,000 and am confident it would increase its value to £140,000 - £150,000 with intended improvements. The remaining £50,000 is needed to buy out the brother in law who needs the cash asap.

Can anyone help with lenders that are willing to use the equity in the house rather than income to provide a loan, it dose not have to be the full £80,000 thank you.

Dave_Ham

Hi there, I think your thread title sums it up that you need advice.

Where there is equity chances are someone will lend, although depends upon the details of the case.

There are loads of variables around income (Natwest are certainly not the most generous) commitments, maternity, the actual state of the property from a valuation perspective and whether it would be suitable security.

All in all, try and get a recommended broker and lay it all out looking for a solution.

Best of luck

Additionally there are only 3-4 traditional lenders that will lend when home ownership is under 6 months, although again there are solutions on this.