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Anyone come across this/advice needed.
nickyg890
Posts: 8 Forumite
Hi
I bought my first property last year that I live in with my partner and son. I got the mortgage jointly with my brother as I didn't earn enough to get the mortgage myself. My brother has nothing to do with the property - he is just on the mortgage.
We are now in the situation that he wants to come off my mortgage and get his own place. But Santander wont allow him to come off as I don't earn enough money myself and my credit isn't squeaky clean.
He wants to get on to the help to buy scheme but cant whilst already on a mortgage. We have tried lots of options but cant find any so far.
I think in 6 months time, assuming it should only take 6 months to clear up my credit file that I could re apply to take my mortgage on my own - but my brother is harassing me now....any advise ???
I bought my first property last year that I live in with my partner and son. I got the mortgage jointly with my brother as I didn't earn enough to get the mortgage myself. My brother has nothing to do with the property - he is just on the mortgage.
We are now in the situation that he wants to come off my mortgage and get his own place. But Santander wont allow him to come off as I don't earn enough money myself and my credit isn't squeaky clean.
He wants to get on to the help to buy scheme but cant whilst already on a mortgage. We have tried lots of options but cant find any so far.
I think in 6 months time, assuming it should only take 6 months to clear up my credit file that I could re apply to take my mortgage on my own - but my brother is harassing me now....any advise ???
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Comments
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I do not think you have any options to be honest.
If Santander wont release him, then you are probably tied in so going elsewhere is not commercially an option. This is intensified by the fact that if you did not earn enough on your own last year, you may struggle on affordability this time around.
What income do you now have and how much is the mortgage for?
Additionally, when does your fixed period end?
Difficult situation to manage emotionally, but genuinely do not see a solution.I am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, 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 -
My current income is £27k - with an outstanding mortgage balance of around £128,000.
But, and hear is the but, I have around £26k worth of credit/debt elsewhere. With one late payment.
My fixed deal ends Sept 20140 -
Your only option appears to be for someone to replace him, if Santander will allow it.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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Failing a replacement and I am not sure they will allow with your credit position, try your level best to get the unsecured lending down and there may well be solutions Summer 2014 to remortgage in sole name.
I wish you wellI am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, 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 -
Does your partner earn? Could he/ she go on the mortgage instead of your brother?I'm a Forum Ambassador on the housing, mortgages & student money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.0
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Either sell the house and move into renting or find another person that can take over the mortgage, your partner maybe?"Dream World" by The B Sharps....describes a lot of the posts in the Loans and Mortgage sections !!!0
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How do you propose to tidy up your credit file in the next 6 months?
£26k of unsecured debt is going to take years to resolve.
If your brother wishes to purchase. Then you may have to consider selling.0
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