Selling 'help to buy' house??

mrginge

Jimmyping wrote: »

There's always a way... Expand your minds!

Yeah i'm afraid the answer is still no there isn't.

mountainofdebt

Jimmyping wrote: »

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

If your house is worth £160K and you owe £120K then you have £40K equity in it

Of this £24K needs to be given back to TW so you are left with £16K

Now is the grandparents' house £90,000 or is that what your wife has to find to buy out the other beneficiaries?

Either way I'm confused as to why you would need so much money (£50K or £90K) for builders............

Old_Git

Jimmyping wrote: »

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

you wont be able to borrow £140,000 .If your wife owns 1/3 off the house you will need £60,000 to purchase .You can borrow more than that but not £140,000

dgtazzman

That's a point, if you need 90k to buy out the other beneficiaries out of a property worth 120k, that would leave your 30k equity to play with. If you could secure a 95% LTV mortgage on the 120k, that would free up somewhere in the region of 24k, plus the 10k you'll have left from your current house, would give you 34k to work with. I was actually looking at extensions last week, out of interest, you seem to be looking at 25-30k, depending on what you want, so that would be doable, but wouldn't leave much for work on the rest of the house.

Figures would go down if the full value of the property is only 90k, you'd have around 10k less to play with.

This is assuming you qualify for a 95% HTB mortgage in your circumstances, but as you seem to want to make the grandparent's place your main and only residence, I don't see why you wouldn't.

[Deleted User]

If you won't believe the people on here.., why not go to a mortgage adviser?

Refusing to listen to advice because you don't like it, and saying 'there's always a way' isn't really very sensible. If you only want to listen to advice you want to hear, type your own replies lol.

marlot

The only way I could see this working for you is if the others who inherited the house are prepared to wait for their money. That won't work so well for them, of course.

Hillbilly2

I agree with these people!


Go over to Debt Free Wannabee to see some of the trouble 125% mortgages have caused.


You owe more than you have - therefore negative equity. Now you want to take on a project that will cost you free cash you don't/won't have.


Can we say it any simpler?


Bear in mind the emotional situation with buying an inherited property and buying family out. It will never be truly yours.