Mortgage help

nickwilks7

Hi all,
Me and the girlfriend desperately need to move home as we are expecting a baby in 5 months and need to move of this council estate.
Problem is, I'm in negative equity (about £10K) so basically stuck here!
My fianc!e can't get a big enough mortgage as she only earns £16K as a teaching assistant
Is it possible for her and my brother to get a joint mortgage for us, then me and the missus live in the new home, paying the new mortgage. And my brother moves into my current home and pays off that mortgage!
Would that work? Or is it classed as fraud?
Really confused and desperate to get moved adapt

Thanks for any advice

marksoton

First off why are you so desperate to move?

nickwilks7

It's not a great neighbourhood, inconsiderate neighbours plus would need a bigger house. Just an area we don't want to raise our child

marliepanda

Your brother cannot live in your house. That's renting whether you like it or not.

Would your brother really want to live in the area you describe? If so, get him to buy it off you and get the mortgage yourself.

dc197

The mortgage lender that your partner and brother select would not be happy with a) you living there and b) him not living there.

nickwilks7

marliepanda wrote: »

Your brother cannot live in your house. That's renting whether you like it or not.

Would your brother really want to live in the area you describe? If so, get him to buy it off you and get the mortgage yourself.

Thanks marliepanda, is him renting off me then not an option?

If he did buy it off me, I would have a shortfall off 10k as I'm in negative equity.

I also wouldn't qualify for the first time buyers scheme on a house we have seen. But him and my fianc!e would.

Struggling for options

marksoton

nickwilks7 wrote: »

It's not a great neighbourhood, inconsiderate neighbours plus would need a bigger house. Just an area we don't want to raise our child

I get that but given your position and the comments above...

Besides you have 5 months till your child arrives and then they'll be a baby for at least another year after that. Plenty of time to sort yourselves out.

The scenario you suggest isn't viable.

And where are all the fees for moving etc going to come from?

nickwilks7

If my brother gave us the £7K for my current house, he could get onto the property ladder, and carry on with my mortgage payments, and in effect own that house
The £7K would then go on the mortgage that they get for the new house.
I know it's not ideal, but with the negative equity plus the deposit we would need, it would take at least 5 years to be able to buy a house with my partner.

fed_up_and_stressed

nickwilks7 wrote: »

If my brother gave us the £7K for my current house, he could get onto the property ladder, and carry on with my mortgage payments, and in effect own that house
The £7K would then go on the mortgage that they get for the new house.
I know it's not ideal, but with the negative equity plus the deposit we would need, it would take at least 5 years to be able to buy a house with my partner.

Complete non starter im afraid. He can't just "take over" an existing mortgage. He would either need to buy you out completely and take on a mortgage in his own name or if you woant to rent to him you would need to approach your lender for consent to let ie changing your mortgage. Also then you would have the legal responsibilities of being a landlord.