Urgent Help Needed - House to be repossessed

Andrew_Ryan_89

Hey guys, I thought I could solve this myself but it's proving to be harder than I thought. I'll try to make it as simple as possible but please let me know if I miss anything out.

• My mum owns a leasehold property
• It's a 4 bedroom maisonette, 3 floors and part of it is over a "commercial property" (corner shop)
• There is around 70 years left on the lease
• She has an interest only mortgage and the term came to an end a few years ago
• There is around £30,000 to pay and only now the bank has started proceedings to repossess the property.
• She had to get it valued recently and was told it is worth £290k.

We were looking to do a straight forward remortgage but my mums credit is shot to pieces (all her own doing) and she has a couple defaults. We looked at "alternative lenders" via our broker but the application got declined. The credit being the main reason but also because it's above a commercial property (why is that?).

I moved out a couple years ago and currently in the process of buying my own home so financially I can't help. My younger (24) and older brothers still live at the house but there earning and savings aren't any help at all. We also can't get them on the mortgage as their name is not on the house.

We have another meeting with another broker next week but wanted to see if anyone can recommend anything. It's such a big house and will be so unfortunate to lose it over £30k.

My thinking was to put my younger brother on the property and let him get the mortgage. With all that I just mentioned above, is this possible and what hurdles will I come across?

Many thanks in advance!

Westminster

1. Contact a broker

2. Have a look at lifetime mortgages (or even better, ask your broker once they have a full understanding of your situation, whether this is a sensible option)

amnblog

Is suspect your brokers have been trying to arrange something long term and 'platable' to mum when the solution is most likely two stage.

1. Get short term lending and get the heat off with the bank.

2. Get a longer term solution in place once the dust has settled.