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Equity release? Offset mortgage and FTB complicated to say the least!
holidayhippo
Posts: 57 Forumite
Rightio,
Long story short;
Mum and Uncle own the property, my and OH want to uncle out for 42-45k
House is worth 95-100.
OH on the mortgage (as it's his family) and his mum
We have no cash deposit wanting to use the equity in the house, so his mum is willing to use her half as the deposit I suppose!
OH last 3 Credit card payments were missed, although we are disputing this as we believe only one of these we are to blame but obviously that takes time.
Unfortunately we arnt in a position to wait otherwise we would have got ourselves more mortgage ready.
Went to a broker he said the best lender for the LTV ratio won't as his mum won't be living there and it is a residential mortgage. Think this was with aldamore??
Anyway his mum and dad want to try Yorkshire Bank, as there mortgage is currently offset.
They are hoping that the underwriter sees that mum and dad's mortgage is around £40k they have £40k I'm savings so they have in savings what we are wanting to borrow.
They have booked an appointment at Yorkshire bank and the lady has suggested equity release.
Can anyone shed some light on if this may work? The chances of us getting a mortgage as I'm so stressed! Ready to sit in a corner and cry!!
Long story short;
Mum and Uncle own the property, my and OH want to uncle out for 42-45k
House is worth 95-100.
OH on the mortgage (as it's his family) and his mum
We have no cash deposit wanting to use the equity in the house, so his mum is willing to use her half as the deposit I suppose!
OH last 3 Credit card payments were missed, although we are disputing this as we believe only one of these we are to blame but obviously that takes time.
Unfortunately we arnt in a position to wait otherwise we would have got ourselves more mortgage ready.
Went to a broker he said the best lender for the LTV ratio won't as his mum won't be living there and it is a residential mortgage. Think this was with aldamore??
Anyway his mum and dad want to try Yorkshire Bank, as there mortgage is currently offset.
They are hoping that the underwriter sees that mum and dad's mortgage is around £40k they have £40k I'm savings so they have in savings what we are wanting to borrow.
They have booked an appointment at Yorkshire bank and the lady has suggested equity release.
Can anyone shed some light on if this may work? The chances of us getting a mortgage as I'm so stressed! Ready to sit in a corner and cry!!
0
Comments
-
Yorkshire Bank? Are you sure it's not Yorkshire Building Society?
TBH it sounds like the parents are getting a further advance on their home to pay off the uncle, so this solution has nothing to do with a mortgage for you.
Equity release is not what they are considering, but it's the kind of term someone who works for a bank or building society uses to cover the multitude of "raising money on a house" sins available.
The savings element is completely ignored, as they can withdraw that money any time. The underwriter is looking for a good credit history and affordability - the income and expenditure does not suggest they are over-committed.
Looking at the actual issue, you wanting to purchase a property on a concessionary basis from your partner's family, this would have been fairly straightforward if;-
the mother was not retaining ownership
your partner had not forgotten to pay his credit card for three months
but it's something you can revisit in a few years time.I am a mortgage broker. You 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. Please do not send PMs asking for one-to-one-advice, or representation.0
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