Beneficiary of a will within 6 months.Would this help application?

seagull1983

Hi,

Mortgage coming to the end of its 2 year rate in April.

House worth £320,000
Mortgage is £50,000

Total salaries £38,000 a year.

But, we have loans and credit is very poor, BUT we are beneficiaries of a will that we will receive in 6/8 months that will clear the mortgage. Can this information help increase our chances of a mortgage?

Thanks in advance.

Mortgage_Adviser

I dount that the lenders will be overly excited that they would only make money of you for 6 months. In fact if they know you are planning to repay the morgage so soon they can potentially decline you for this reason.

How bad is standard variable rate you are coming out to with your current lender?

Have they got any mortgage products wit no early repayment charges?

These may be the best options for you bearing in mind the coming full repayment of the mortgage from the inheritance.

KB2018_2

This isnt related but id love some
Advice did you get your mortgage with your poor credit history?

dimbo61

What do you mean by Coming to an end !
Is it the end of your current deal ?
Could you look at New deals for existing customers ?
Consider an offset mortgage so you can fix for a short period of time but put the money once you receive it into the offset savings account

Thrugelmir

seagull1983 wrote: »

Can this information help increase our chances of a mortgage?

Lenders aren't interested in information. Just hard facts, i.e. circumstances now. Why not use the inheritance to clear your other debts before repaying the mortgage. This will provide a solid base to improve your credit rating moving forward.