Inheritance & Equity Release HELP!

Little_piggies

I need financial / life advice please :0)
I have separated from my husband and live in scotland he lives in England. We had a marital home which he bought and have recently found out he transferred it to his brother so now I have no claim on it. (Been to lawyers and this is the case). I will get zero from him as he has zero to give so not an option. I inherited my family home off my mother in November when she passed away :0( it's worth £150k but has a £30k equity release on it so if I want to keep the house I need to find 30k before November (the equity in the house is £120k so that's a positive!
I have 2 small children and have secured a job here in scotland with the local authority so my full income per month will be £1600 per month (including tax credits, maintenance etc) I have no debts now at all so this money just goes towards domestic bills, food,car etc now here's the crunch...probably all thinking well she could get a loan/mortgage to pay off the equity release and stay in the family home...but I can't. When I was married I/we got into real financial bother as a result I have a low (the lowest you can get ) credit rating although I have paid everything off now and am debt free this is still a noose around my neck so my question is, where can I get 30k from and pay back around £300/£350 a month to it. I have tried poor credit companies but everyone says no, so I'm not trying again as that itself is damaging my credit score. I think I have proven now I can budget well, have £120k equity but still stuck...I don't want to lose this house can anyone help?? Any advice would be appreciated but I really want to keep this house
Xx

getmore4less

Consult a broker.

Have you moved into the house yet(or plan to?).

Who is the equity lender will they let you pay to stop the debt getting bigger.
(are you sure it is £30k or was that the initial loan and there is now interest compounding?)

You could move in so no rent elsewhere..
Attack the debt(if they let you) review in a few months.


A broker should be able to help with a plan and possibly find a lender once in the job a while and some further debt reduction if not you still increase the equity.

Finishrich

If you haven't already, I'd try contacting a mortgage broker. Some might be tied or only offer a restricted range of products and others will offer a whole of market or wider range of products.

Little_piggies

We are in the house living now

The equity release is with aviva it will be sitting at 30k by Nivember 2016 (the date the have given me to repay it off- 1 year from mums death)

I will contact a broker

Thank you

getmore4less

You need to be saving each month at least the predicted mortgage payment.

Have they frozen interest if not what is the current debt and interest rate?
do you/can you make payments?

Little_piggies

The debt is frozen at 30k and has to be paid off in November 2016 no additional fees/charges that is the final amount

Aviva won't let me pay off monthly have already asked they just want a full final payment

Have now tried 3 brokers none can help due to adverse past credit problems

Looks like even with 120k equity no one will take a chance with me 😕

Little_piggies

Does anyone know a mortgage broker that will take this challenge on?

David_White

Sounds like a tricky one, however I wouldn't rule out a solution just yet.

It'll come down to the finer details... i.e Has the property actually been transferred to your name yet, or is it still in your Mothers? How bad is "bad" credit, are you talking mortgage arrears, bankruptcy/Trust Deed, or just a few missed payment?

Best to get your credit report in front of a Broker you're happy to deal with and go from there

getmore4less

It may be this may need a bit of time you have 9/10 months to earn, save and stabalize your finances.


Surprised hubby can get way with just giving everything away delibertate deprivation of assets if it was that easy everyone would be doing it.

Little_piggies

He bought his house prior to meeting me and transferred it to his brother just after our marriage so it's not classed as a matrimonial asset 😢

purple_haze

I don't know about being able to raise a mortgage, but if you bring divorce proceedings, it would be a relatively simple matter for your your solicitor to apply under s37 Matrimonial Causes Act to have the gift by your husband of the family home to his brother set aside (and I'm amazed that 'lawyers' have apparently told you otherwise.)

Whether it would be worth making the application would depend on the value of the property,duration of marriage, etc.

Edit: just read your latest post, OP. Even though he transferred the property just after your marriage, it is still a reviewable dispoision under s37 if the purpose was to avoid a financial relief claim by you and the court could set it aside. On the other hand, if he transferred it for another reason e.g. to avoid creditors, then it couldn't be set aside under s37.