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Taking on a delinquent mortgage
The_Engineer_2
Posts: 3 Newbie
Hello all,
I have finally bought my first house and am moving in tomorrow :j
The house is on my name alone (I'm married with no little kiddies yet). My wife has a separate mortgage which is joint with her sister. Her mortgage went delinquent a couple of years ago when my sister-in-law became unemployed. I've managed to rescue their mortgage over the last 24 months and they are back on track with payments but the interest rate is extortionate :eek:. I want to re-mortgage the property to get a better deal and replace my sister-in-law with me (sis-in-law also wants to escape the responsibility).
My question is, can I do this and how long do I need to wait before I start? My credit rating is next to flawless if that helps (something like 995 if I remember correctly)
I have finally bought my first house and am moving in tomorrow :j
The house is on my name alone (I'm married with no little kiddies yet). My wife has a separate mortgage which is joint with her sister. Her mortgage went delinquent a couple of years ago when my sister-in-law became unemployed. I've managed to rescue their mortgage over the last 24 months and they are back on track with payments but the interest rate is extortionate :eek:. I want to re-mortgage the property to get a better deal and replace my sister-in-law with me (sis-in-law also wants to escape the responsibility).
My question is, can I do this and how long do I need to wait before I start? My credit rating is next to flawless if that helps (something like 995 if I remember correctly)
0
Comments
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Who lives in the other property?
If your SIL, is the plan to get a BTL mortgage and her to be tenant?0 -
Hello Caz3121,
yes my SIL lives there, I also have another SIL who has moved in last year after being away at university, the property used to be the old family home before her parents downsized. They still live nearby so it's something the family would like to keep hold off.
I'm not sure how it would work BTL, this is one of the options we were considering. Is there another?
Thanks0 -
Keep out of it.
Long term you will get no thanks for your intervention.
If you SIL lives there and it went into default it means she is not paying her way. What will change?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
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