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Selling 'help to buy' house??

Jimmyping
Jimmyping Posts: 7 Forumite
in House buying, renting & selling
Hi,

My wife and I bought a house through Taylor Whimpy 2011 (help to buy, joint mortgage) in which we put down a 5% deposit and Taylor whimpy loaned us the extra 15% which I need to pay back within 10 years (I have not payed back anything yet).

My wife's grandparents have recently passed away and we would like to buy their house and do work on it. Out current house is worth £160,000 and the house we would like to buy is around £90,000

Our current outstanding mortgage is £120,000 and my wife is entitled to 1/3 of the sale of her grandparents house(grandchildren in the will).

We are hoping to sell our house and get a new mortgage for around £140,000 to purchase my wife's grandparents house and get the builders in


Has anyone got any ideas on the process of getting a new mortgage with the existing outstanding loan and inheritance money tied up in the sale of my wife's grandparent house


My apologies if a little confusing...


Thanks for reading
«13

Comments

  • neneromanova
    neneromanova Posts: 3,051 Forumite
    Part of the Furniture Photogenic Combo Breaker
    If the grandparents house is only worth £90K, you won't get a £140k mortgage on it.
    What's yours is mine and what's mine is mine..
  • bazzyb
    bazzyb Posts: 1,586 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Photogenic
    Jimmyping wrote: »
    the house we would like to buy is around £90,000

    ...

    We are hoping to sell our house and get a new mortgage for around £140,000

    Have you got your numbers the wrong way round? Do you mean you want a £90k mortgage against a £140k house?
  • Jimmyping
    Jimmyping Posts: 7 Forumite
    No, the house is worth 90 and we are looking for around 140 disregard all the loan/buy to let, etc...

    Surely you can get a mortgage higher than the value of a house to put an extension on, etc ...?


    Thanks
  • sulphate
    sulphate Posts: 1,235 Forumite
    Jimmyping wrote: »
    No, the house is worth 90 and we are looking for around 140 disregard all the loan/buy to let, etc...

    Surely you can get a mortgage higher than the value of a house to put an extension on, etc ...?


    Thanks

    What you refer to is something like the 125% mortgages that were happily offered before the credit crunch, and are now no longer available.
  • themull1
    themull1 Posts: 4,299 Forumite
    Jimmyping wrote: »
    No, the house is worth 90 and we are looking for around 140 disregard all the loan/buy to let, etc...

    Surely you can get a mortgage higher than the value of a house to put an extension on, etc ...?


    And what would happen if you didnt put an extension on?
  • Sparx
    Sparx Posts: 909 Forumite
    Part of the Furniture Combo Breaker
    Jimmyping wrote: »
    No, the house is worth 90 and we are looking for around 140 disregard all the loan/buy to let, etc...

    Surely you can get a mortgage higher than the value of a house to put an extension on, etc ...?

    Nope not these days, you could a very long time ago before the credit crunch.. ;)
  • Jimmyping
    Jimmyping Posts: 7 Forumite
    Many thanks all... Nationwide have started doing 125% again
  • Bantex_2
    Bantex_2 Posts: 3,317 Forumite
    Jimmyping wrote: »
    Many thanks all... Nationwide have started doing 125% again
    do you have a link?
  • Jimmyping
    Jimmyping Posts: 7 Forumite
    moneysupermarket.com. c. news. the-125-per-cent-mortgage-is-back-but-it-is-a-good-thing


    The link won't work as a new user I'm not allowed to put links on yet but google it...
  • sulphate
    sulphate Posts: 1,235 Forumite
    From what I could find on Google, the Nationwide deal may be available in "special circumstances" to those in negative equity and wishing to move house.
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