Who is up for a complicated question??!

Dave_Ham

Emgee71 wrote: »

Read the first post! c£65kpa

There are probably only 6-7 people who frequent this part of the forum that can actually pad this out (and likely none of them wholly on a public forum)


Not sure petulant posts like this will encourage them to come back for more.


As requested, what exactly are the bad credit details?


Alternatively you are trying to half solve an issue with half the details..

Emgee71

Petulant?!

I was ill for most of 2011 and missed mortgage payments, credit card payments and council tax. The local council went stright to court with it too which was nice of them so I have a CCJ. As I said the credit rating is poor and will likely stay that way for another 2-3 years.

I have already looked into borrowing the money myself but lenders either wanted a much bigger deposit than I can provide, would not lend enough, levy a large interest rate that made the cost prohibitive, say no outright or a combination of all of the above.

I just thought I'd ask the question if what I have set out is achievable and if so then what structure/mechanism it might take.

Let_Us_See

Emgee71 wrote: »

I just thought I'd ask the question if what I have set out is achievable and if so then what structure/mechanism it might take.

Without taking undue risks, straight answer..........NO.

How come probate has been granted and the lifetime mortgage has still to be redeemed? Who is the executor?

GMS

Emgee71 wrote: »

Petulant?!

I was ill for most of 2011 and missed mortgage payments, credit card payments and council tax. The local council went stright to court with it too which was nice of them so I have a CCJ. As I said the credit rating is poor and will likely stay that way for another 2-3 years.

I have already looked into borrowing the money myself but lenders either wanted a much bigger deposit than I can provide, would not lend enough, levy a large interest rate that made the cost prohibitive, say no outright or a combination of all of the above.

I just thought I'd ask the question if what I have set out is achievable and if so then what structure/mechanism it might take.

Poor credit rating as in rating from the CRA?


Have the arrears been brought up to date?


Which lenders have you approached?


Do you have accounts/SA302's to back up the 65k income?


You cannot say you have a poor/toast credit rating the complain you are being quoted higher than prime interest rates.


Get copies of your Experian, Equifax and Call Credit files to a broker and see what can be done.


Answer EVERY question you are asked truthfully and provide all documentation requested.

Emgee71

GMS wrote: »

You cannot say you have a poor/toast credit rating the complain you are being quoted higher than prime interest rates.

Excuse me, where have I complained? This is an open forum where people come for anonymous advice and a guiding hand - it is not a platform for sanctimonious feedback from people who don't have the wherewithal to read properly.

Emgee71

Let_Us_See wrote: »

Without taking undue risks, straight answer..........NO.

How come probate has been granted and the lifetime mortgage has still to be redeemed? Who is the executor?

The mortgage was an equity release mortgage - you get 18 months from the date of death to clear the debt. The value of the house is actually going up quite a bit faster than the interest the debt is accruing.

What are the undue risks you refer to? I am not looking for any advice that is 'dodgy', just a better understanding of what can and can't be done.

As I have said, the chance to buy the house will only happen this one time so I want to explore all avenues (risky or not) before I decide the course of action to take.

I am an executor along with my sister and one other.

GMS

Emgee71 wrote: »

Excuse me, where have I complained? This is an open forum where people come for anonymous advice and a guiding hand - it is not a platform for sanctimonious feedback from people who don't have the wherewithal to read properly.

Opening post mentions prohibitive rates. Clearly not something you are satisfied with so a complaint.


You haven't answered questions when people have tried to assist so unsure as to what more you need in way of a 'guiding hand'.


I won't post further. Hopefully you will get your answers.

Foxy-Stoat_3

Your options are:

You buy it on your own and live in it. (you say unlikely)
You and your Sister buy it, 50/50 and come to an agreement with the rent/mortgage payments that is fair for both parties. (if your lender accepts that you both have a 50% share in the remaining equity then this may be doable without cash deposits but a broker will be your best bet)
A third party buys it and they rent it to you at whatever the minimum rent the lender allows. What you do in 3 years would be a hand shake agreement with your third party, assuming that you would be able to secure a mortgage with building on your deposit and cleaning up your credit file.
Sell it.

All would have to be at the full market value.

[Deleted User]

Emgee71 wrote: »

Nobody has actually been able to answer my query - is there any structure or mechanism that will allow me to buy the property utilising my 30+% equity share by proxy via someone else?

Even if it is possible it would not be possible without exposing that third party to a lot of liability (capital gains, income tax) and exposing yourself to a lot of risk. You'd be unable to retain any ownership, which opens yourself up to the third party evicting you with no recourse. Even if you trust this third party with your life it would be a big risk, threads appear frequently on this forum from people who trusted people with a lot less and it went very wrong. There's a thread in the loans forum from someone with a sibling who stole over £50k from their father leaving their father destitute: these people exist. Are you willing to bet >£100k that your third party (even if it's your sister!) won't steal that from you? Money is a powerful thing.

Why can't you sell the house and settle the mortgage and use the gains (£100k by my count?) to buy your own house in a couple of years when your credit is cleaned up and you have a good self employment history? Your fathers house is just bricks. A member of my family went through something similar last year (tried to retain a property whatever the cost) and when they finally accepted it wasn't possible and moved on they discovered that their fear (of losing the house, of moving somewhere new) was way overblown and the house really was... just bricks.

Does the house provide that much sentimental value to you that you're willing to risk hundreds of thousands of pounds for it?

Foxy-Stoat_3

Emgee71 wrote: »

Nobody has actually been able to answer my query - is there any structure or mechanism that will allow me to buy the property utilising my 30+% equity share by proxy via someone else?

This was answered in post #11