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Buying out persons equity in House
getzls
Posts: 761 Forumite
sorry if my thread title is incorrect.
Was speaking to Nationwide about buying my wife's
Share of our House.
The house is in both of our names.
If we sold the House there would be about 20,000 each left after clearing the mortgage.
I asked Nationwide can i borrow 20,000 so I can give her her share and takeover the mortage. The current amount owed is 28,000.
They asked about my earnings.
Last year I earned 26,000 including a pension.
They are only taking into account my contract hours which are 40 at minimum wage, working out at 18,000 including my pension.
At this amount they will not lend me.
Any ideas about this folks?
Would all Lenders take this view?
I can show them earnings at around 25,000 for the last five years.
My age at 55 does not help.
Was speaking to Nationwide about buying my wife's
Share of our House.
The house is in both of our names.
If we sold the House there would be about 20,000 each left after clearing the mortgage.
I asked Nationwide can i borrow 20,000 so I can give her her share and takeover the mortage. The current amount owed is 28,000.
They asked about my earnings.
Last year I earned 26,000 including a pension.
They are only taking into account my contract hours which are 40 at minimum wage, working out at 18,000 including my pension.
At this amount they will not lend me.
Any ideas about this folks?
Would all Lenders take this view?
I can show them earnings at around 25,000 for the last five years.
My age at 55 does not help.
0
Comments
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Other lenders may take more of your income into account, but if that will be enough with the maximum remaining term is difficult to say.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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