mortgage and dmp question

steveweb

my current lender will allow me to transfer my mortgage of £63K on to another property (worth £85K) if I clear my current debts totalling £16k, which I am currently repaying through a DMP. I am able to do this and transfer my mortgage (the property I will be moving to was my late nan's and my dad is leaving his share of her estate in the property so that I get it for £63K)
He is also willing to clear my outstanding debts so that I can make the move possible.
However, that would be most of his share of the estate gone once he has done this and he wanted at least £5K towards his retirement.
My question is, if the above all goes through, how long would I have to wait before I could either remortgage or take out an extra £5K through releasing equity because I have previously had adverse credit.
My current lender (Leeds Building Society) have said they would not let me do this even though I would have cleared all my debts and only have my current mortgage. I am confused by this decision.

pauletruth

i think you should think yourself lucky that they are prepared to lend at all. even luckier that you have a very generous dad.

steveweb

I can fully appreciate how lucky I am, I didn't really ask that, however, I wasn't so lucky in the past when I got into this mess, but am now back on track with work, etc. the previous post has not answered my question though. leeds bs will port my mortgage which I do think is good of them, but it's obtaining the additional in 12-24 months to repay my dad that worries me.

Thrugelmir

Could you not come to an arrangement to repay your father every month?

hcb42

if dad is giving you two years can you not save it up?