We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Who is up for a complicated question??!
Comments
-
The only way to use your 30% would be to get a joint mortgage.
Your plan has many flaws as suggested.
You cannot own 30% of a property whilst somebody else has a mortgage on the rest. You can't gift the equity to your friend as you are not related.
Even if you could gift the equity you could not then reside in the property.
Which lender has offered you a mortgage for the lower amount?
How bad is your credit?
If the equity is gifted to a sibling, could they buy the property on my behalf and I live there? What would be the capital gains implication down the line when the property is sold (either to me once my rating improves or to a third party)?
Thanks in advance, I said it was complicated.
0 -
So your saying now is that your Sister buys the place and you live in it? That has its own problems.
You may have to face facts and sell the property and wait until your credit improves. At least you will have a leg up with the deposit."Dream World" by The B Sharps....describes a lot of the posts in the Loans and Mortgage sections !!!0 -
Are your maths right EmGee?
Unless I am reading it wrong you own about 23% of the value.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 -
Are your maths right EmGee?
Unless I am reading it wrong you own about 23% of the value.
The valuation was made when my father died so is about 8 months old. I have improved the property since probate was issued (new kitchen/redecorate/landscape etc) and the adjusted value will be nearer £300k now which is about 30%.
The point is, in 2/3 years time when my credit rating will have recovered I will be able to get a mortgage to buy out the new mortgage plus of course our equity will have also grown as the house accrued value.
I repeat, I am now earning enough money to afford a mortgage of £210+k but I just can't get one!
What would be the process for me and my sister to keep our equity in the house and then get a mortgage to pay off the equity release loan against the house and then for me to move in? Would a rental agreement need to be in my partners name instead of mine?
Confusing to say the least - I just need some clear guidance on how/if to take it forward. If the house sells outside the family then I will never get the chance to buy it again and I want to explore all avenues to purchase before I give up and sell.
Many thanks all...0 -
Have you not been to see a mortgage broker?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 -
How much do you earn?
What is the problem with your credit?I am a Mortgage AdviserYou 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.0 -
So you have done the place up while the property is in administration.
that may introduce issues when the estate comes to sell and there is a capital gain.0 -
Read the first post! c£65kpa
Explains nothing.
Defaults, CCJ's, up to date with payments now?
Credit rating of 'toast' doesn't really give the picture.I am a Mortgage AdviserYou 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.0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 352.2K Banking & Borrowing
- 253.6K Reduce Debt & Boost Income
- 454.3K Spending & Discounts
- 245.3K Work, Benefits & Business
- 601K Mortgages, Homes & Bills
- 177.5K Life & Family
- 259.1K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 37.7K Read-Only Boards