Borrowing Against Inheritance Halifax

worrypants

Just missed the Halifax helpline closes 8pm

Wonder if anyone can advise please
In summary
we have a mortgage with the halifax which is at the very top of income multiple (x5 of salary)

we are awating an inheritance of around £60000
we want to move to a better property and can port out mortgage but would like to borrow a further £20000 until the inheritance is settled, once we get it we could pay it off same day.

question - has anyone ever borrowed against an impending inheritance?
we havent the income multiple to cover the extra £20,000 but would have no problem paying the repayments as it should ony be for a matter of weeks
any advice much appreciated
Thanks
ps credit scores excellent according to experian
should also point out that LTV will only be 55%

JoeK_3

How far off is the inheritance?
Where is the inheritance
Can the executor help?
Can your solicitor not delay the completion?

JoeK

mightymouse

Hi

The following link (I have never used them) is for information purposes only as I class this kind of borrowing similar to bridging finance.

http://www.closeprobate.com/asp/borrowers_borrowinheritance1.asp

dandydeels

my concerns would be that you need to be 100% sure that you will receive this inheritance in time. The safest, moneysaving way would be to wait/delay.

JoeK_3

mightymouse wrote: »

Hi

The following link (I have never used them) is for information purposes only as I class this kind of borrowing similar to bridging finance.

http://www.closeprobate.com/asp/borrowers_borrowinheritance1.asp

Sorry to say this but the link posted refers to USA laws of intestacy, which cannot be applied in the UK.

JoeK

epz_2

has the person actually died yet?

if so then fair enought though i would be tempted to wait a few months till it came in, a lower ltv and purchasing at a less actve time can only benifit you.

if its just a case of some old auntie has promissed you 60k then you could be on a sticky wicket, its a hell of a debt to take on if you arnt expecting to pay it back and could get eaten up buy care costs etc.

worrypants

the person is definitly dead and buried:rotfl:

Just taking a while to get sorted due to useless executor who is being to greedy re offers to buy the deceased property

the will is split equaly between 5 siblings one of the siblings is the executor

relationship has broken down between my husband ( one of the siblings and the executor his brother
wish we could have some say and control but assume we can do nothing about the fact that the executor is not getting on with things, has refused 3 very good offers on the property etc even though all 5 are equal beneficarys?