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Mortgage/Equity Release to buy BI
rog2
Posts: 11,650 Forumite
I have recently been discharged from bankruptcy and need some advice.
My Beneficial Interest, in the matrimonial home, remains vested in my trustee, and has been calculated at £78,000.00.
The trustee has written to me, and my wife by separate cover, offering us the opportunity to purchase my BI from him. Alternatively, he will ask my wife's consent to put the house on the open market (if she does not consent, then he will take her through the courts and force a sale).
We have no wish to lose our house, where we have lived for 30 years.
I just need some advice, please, on how to go about applying for a mortgage/equity release loan, in order to make an offer for the BI.
Our circumstances are:
Value of house - £160,000
Outstanding mortgage - £2,800 (Halifax)
Income:
Self: approx. £20k p.a. (Self Employed - Discharged from bankruptcy 23.04.07) Age 56
Wife: approx £18k p.a. (NHS Nurse) Age 52
I wonder if someone could advise on who would lend and how to apply.
All advice welcomed - Thanks.
My Beneficial Interest, in the matrimonial home, remains vested in my trustee, and has been calculated at £78,000.00.
The trustee has written to me, and my wife by separate cover, offering us the opportunity to purchase my BI from him. Alternatively, he will ask my wife's consent to put the house on the open market (if she does not consent, then he will take her through the courts and force a sale).
We have no wish to lose our house, where we have lived for 30 years.
I just need some advice, please, on how to go about applying for a mortgage/equity release loan, in order to make an offer for the BI.
Our circumstances are:
Value of house - £160,000
Outstanding mortgage - £2,800 (Halifax)
Income:
Self: approx. £20k p.a. (Self Employed - Discharged from bankruptcy 23.04.07) Age 56
Wife: approx £18k p.a. (NHS Nurse) Age 52
I wonder if someone could advise on who would lend and how to apply.
All advice welcomed - Thanks.
I am NOT, nor do I profess to be, a Qualified Debt Adviser. I have made MANY mistakes and have OFTEN been the unwitting victim of the the shamefull tactics of the Financial Industry.
If any of my experiences, or the knowledge that I have gained from those experiences, can help anyone who finds themselves in similar circumstances, then my experiences have not been in vain.
HMRC Bankruptcy Statistic - 26th October 2006 - 23rd April 2007 BCSC Member No. 7
DFW Nerd # 166 PROUD TO BE DEALING WITH MY DEBTS
If any of my experiences, or the knowledge that I have gained from those experiences, can help anyone who finds themselves in similar circumstances, then my experiences have not been in vain.
HMRC Bankruptcy Statistic - 26th October 2006 - 23rd April 2007 BCSC Member No. 7
DFW Nerd # 166 PROUD TO BE DEALING WITH MY DEBTS
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Comments
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Hi rog2, you really need the services of a whole of market mortgage broker.
It's extremely important that you receive the correct advice here both to get the best interest rate and to secure your exiting home. Whole of market brokers can find the cheapest remortgage product and lender to suit your circumstances.
joeKI am an Independent Financial Adviser.Anything posted on this forum is for discussion purposes only. It should not be considered financial advice. Different people have different needs and what is right for one person may be different for another. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser who can advise you after finding out more about your situation.0 -
Hi rog2, you really need the services of a whole of market mortgage broker.
It's extremely important that you receive the correct advice here both to get the best interest rate and to secure your exiting home. Whole of market brokers can find the cheapest remortgage product and lender to suit your circumstances.
joeK
Thanks - Would it also be worth approaching the Halifax? Our original mortgage was with them, and they hold the deeds in 'deedstore'. When we finished the original mortgage they suggested that holding the deeds (at our cost :mad: ) would make it easier should we ever need to 're-mortgage'.
A lot of water has passed under the bridge since then, and when I, anonymously, approached the girl at the local branch, she seemed a bit unsure as to current situation.I am NOT, nor do I profess to be, a Qualified Debt Adviser. I have made MANY mistakes and have OFTEN been the unwitting victim of the the shamefull tactics of the Financial Industry.
If any of my experiences, or the knowledge that I have gained from those experiences, can help anyone who finds themselves in similar circumstances, then my experiences have not been in vain.
HMRC Bankruptcy Statistic - 26th October 2006 - 23rd April 2007 BCSC Member No. 7
DFW Nerd # 166 PROUD TO BE DEALING WITH MY DEBTS0 -
rod2, this needs careful handling and the worst thing to do is to approach a lender direct as they will credit search you on each occassion.
Your credit history will not help the situation and could adversely affect your future chances.
JoeK is right, this is a job for a whole of market mortgage broker, who will marry your circumstances up with the correct lender before submitting you to them.
LipstickI am a Mortgage AdviserYou should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
Thanks - Would it also be worth approaching the Halifax? Our original mortgage was with them, and they hold the deeds in 'deedstore'. When we finished the original mortgage they suggested that holding the deeds (at our cost :mad: ) would make it easier should we ever need to 're-mortgage'.
How is this at your cost rog2?0 -
I am NOT, nor do I profess to be, a Qualified Debt Adviser. I have made MANY mistakes and have OFTEN been the unwitting victim of the the shamefull tactics of the Financial Industry.
If any of my experiences, or the knowledge that I have gained from those experiences, can help anyone who finds themselves in similar circumstances, then my experiences have not been in vain.
HMRC Bankruptcy Statistic - 26th October 2006 - 23rd April 2007 BCSC Member No. 7
DFW Nerd # 166 PROUD TO BE DEALING WITH MY DEBTS0 -
Thank you for your replies - I am away now until the weekend, but any advice, particularly on how to find an Independent whole of market broker will be much appreciated.I am NOT, nor do I profess to be, a Qualified Debt Adviser. I have made MANY mistakes and have OFTEN been the unwitting victim of the the shamefull tactics of the Financial Industry.
If any of my experiences, or the knowledge that I have gained from those experiences, can help anyone who finds themselves in similar circumstances, then my experiences have not been in vain.
HMRC Bankruptcy Statistic - 26th October 2006 - 23rd April 2007 BCSC Member No. 7
DFW Nerd # 166 PROUD TO BE DEALING WITH MY DEBTS0
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