Mortgage advice desperately needed

Lee35

Me and my bird can't get a mortgage as she has been on a debt plan, she's paid it off now like but won't be able to get any credit for a few more years yet.

Her mum and step dad have offered to sell their house and buy a bigger house for us all to live in. They have a minimum 50k deposit but because of her mums age they can't get the money we need so we have been to a mortgage broker who said me and her step dad can get a mortgage.

This is where all the problems start, the banks are saying that we can't do it because her mum isn't on the new mortgage, her and my bird will be classed as squatters and we have even been told about money laundering.

Haven't got a clue where to go now and what to do, there house is sold and we've had an offer accepted on a house we are trying to buy.

Any advice would be greatly appreciated.

Annisele

Stop trying to deal directly with banks, and go and see an independent mortgage broker.

I don't know if what you want to do is possible or not, but a broker will be better placed to advise you than a bank.

Lee35

That's exactly what we have done and it was all agreed in principle until today when it all went wrong.

ViolaLass

What has your broker advised?

Lee35

ok after a lot of deliberation with different lenders the following have been looked at:



virgin - would only go off pension income

Coventry - not happy to proceed as daughter and mum squatters rights

Halifax - maxed out lend at 144k

nationwide - squatters rights

Lloyds - max lend 139k

accord max lend 79k as mum and daughter seen as dependants

skipton - max lend 139k

leeds max lend 98k

principality max lend - 139k

Woolwich not happy to proceed as daughter and mum squatters rights

national counties - max lend 124k

Newcastle building society - not happy to proceed as daughter and mum squatters rights

Dave_Ham

Wow - some lender list

Let's start from the top, do you all want to live together?

How much do you and the Mrs earn and standalone deposit do you have?

If on plan B and all in together, what age is father in law and what income does he have

If the lenders above are from the broker, they are a clown. Some of these lenders are patently not going go like this scenario...

Lee35

Yes the plan is to all live together.

Ma and my partner have no deposit and only my earnings will be taken into account because of her being unable to get credit, I earn 17k basic and 3k overtime minimum.

Father in law earns 18k basic and 5k overtime .

There is a 50k deposit from father in law and her mother's house sale.

Pixie5740

You and your bird? Who are you? Rod Hull?

Dave_Ham

How old is step dad?

Lee35

He is 49 sorry

Dave_Ham

Then there should be lenders that are happy with the circumstances and will lend a bit more, subject to the finer detail of course

Tell your existing broker to call up every lender he/she can find or admit they don't know.

Don't give up as likely to be a better solution

That said, is living with your in laws long term what you both really want?