Stuck in a mortgage

l11lrn

hi all, first time i have ever used a forum......need some help/advice:

Back in 2006, when I was 23 years old, I naively entered into a mortgage with my mum & her partner, thinking it was a good way to get onto the property ladder and would then be easier to get a better mortgage when it came to buying my own place. We all can hold our hands up now and say we shouldn’t have done it, but hindsight is a wonderful thing.

A while after this I met my now husband, and I moved out but continued to pay towards the mortgage until March 2008. It was at this point my husband bought us our first home, and I then put my money towards this but since my mum & her partner were still paying the mortgage there was no reason to instantly have this all sorted.

We applied to have my name removed from the mortgage, which was refused as they have less time left to work than what was left on the term or the mortgage. Then after discussions it was realised that if the term was reduced and payments increased, they would not be allowed to take on the mortgage as it was then seen as unaffordable.

After many arguments, tears & tantrums it was then dropped for a while, and then brought up again to which it was mentioned that the house would not be sold until my youngest brother left school – that was over a year ago.

My husband and I have now moved to a rented property, as he started a new business last year and we needed to live closer to where that was located. He also cannot get a mortgage because he is self employed and his business is still very new, and I cannot get a mortgage because I am trapped in this one with my mum & her partner.

After various arguments again in the last few months, I have discovered the house has no building warrant for the additional works (conservatory & garage conversion), the electrics in the garage conversion are “unsafe”, my mum has been refused a mortgage to keep this house, she has also been refused a mortgage on another property AND on a loan so now credit rating is most likely a problem. I did not know any of this until February this year.

She has indicated to my sister that i must wait another 5 years before she sells so she can buy something outright. I don't think i am being unreasonable saying that another 5 years is too much, i thought maybe a year or 2 would have been agreeable.

So now I am stuck, and I am trying to find a solution that will not break the family but I am running out of option and realistically having to start thinking of a legal route – which will be timely & expensive.

Any suggestions? Or have I been backed into a corner far enough that my only way out is to force them to sell.

It is a beautiful 4 bed detached house, with conservatory and garage conversion, where only the 2 of them and the dog live full time as my siblings have all moved out and my youngest brother only uses it as a base when he is not away at uni.

HELP!

thanks!

betmunch

Sorry, I cant read all that, what do you want to actually achieve?

Southend1

l11lrn wrote: »

hi all, first time i have ever used a forum......need some help/advice:

Back in 2006, when I was 23 years old, I naively entered into a mortgage with my mum & her partner, thinking it was a good way to get onto the property ladder and would then be easier to get a better mortgage when it came to buying my own place. We all can hold our hands up now and say we shouldn’t have done it, but hindsight is a wonderful thing.

A while after this I met my now husband, and I moved out but continued to pay towards the mortgage until March 2008. It was at this point my husband bought us our first home, and I then put my money towards this but since my mum & her partner were still paying the mortgage there was no reason to instantly have this all sorted.

We applied to have my name removed from the mortgage, which was refused as they have less time left to work than what was left on the term or the mortgage. Then after discussions it was realised that if the term was reduced and payments increased, they would not be allowed to take on the mortgage as it was then seen as unaffordable.

After many arguments, tears & tantrums it was then dropped for a while, and then brought up again to which it was mentioned that the house would not be sold until my youngest brother left school – that was over a year ago.

My husband and I have now moved to a rented property, as he started a new business last year and we needed to live closer to where that was located. He also cannot get a mortgage because he is self employed and his business is still very new, and I cannot get a mortgage because I am trapped in this one with my mum & her partner.

After various arguments again in the last few months, I have discovered the house has no building warrant for the additional works (conservatory & garage conversion), the electrics in the garage conversion are “unsafe”, my mum has been refused a mortgage to keep this house, she has also been refused a mortgage on another property AND on a loan so now credit rating is most likely a problem. I did not know any of this until February this year.

She has indicated to my sister that i must wait another 5 years before she sells so she can buy something outright. I don't think i am being unreasonable saying that another 5 years is too much, i thought maybe a year or 2 would have been agreeable.

So now I am stuck, and I am trying to find a solution that will not break the family but I am running out of option and realistically having to start thinking of a legal route – which will be timely & expensive.

Any suggestions? Or have I been backed into a corner far enough that my only way out is to force them to sell.

It is a beautiful 4 bed detached house, with conservatory and garage conversion, where only the 2 of them and the dog live full time as my siblings have all moved out and my youngest brother only uses it as a base when he is not away at uni.

HELP!

thanks!

You could move your family in with them. Living with a house full might prompt them to sell up sooner rather than later?

Thrugelmir

Force a sale of the property through the courts.

Batchy

Good luck!... similar situation to most divorces I guess.

somethingcorporate

I'd move in (if I were you).

dimbo61

Your husband will need 3 years of accounts so that is 2 years away.
How much equity is in the property and did you put in some of the deposit?

Wh05apk

dimbo61 wrote: »

Your husband will need 3 years of accounts so that is 2 years away.
How much equity is in the property and did you put in some of the deposit?

Most lenders will do with two, a couple with one, if you have a higher enough score.


Sorry can't help on your problem, other than try and resolve without dragging courts etc.


I always avoid family arrangements like this as they almost always cause problems further down the line.

l11lrn

betmunch wrote: »

Sorry, I cant read all that, what do you want to actually achieve?

trying to achieve not being financially tied to my mum and her partner so i can buy my own property when the right one comes up.

l11lrn

Thrugelmir wrote: »

Force a sale of the property through the courts.

worried it's going to have to come to that!!!

l11lrn

betmunch wrote: »

Sorry, I cant read all that, what do you want to actually achieve?

to be free of that mortgage so i can buy my own when the right one comes up.....