Brother wants off the Mortgage.. Havibg to sell

Mummy2211

Worried - We are going to end up with nothing.

Basically - Other halfs parents have said their savings are running low (10 holidays a year dosnt help) So they have asked on the their sons to but their house off them, So that they can have some more money - The house will then Become the older brothers, and the two others will get a little bit of money from the sale. She wants him to buy the house for £150k (Its worth £220k) Then they are going to carry on living in the house rent free until they die, and the son will pay the mortgage each month..

BUT.. This said brother is still named on our mortgage, The house was brought between three, My other half, His brother and wife. We paid them the £25k they put into the house, But we were then unable to take them off the mortgage, because they said we did not earn enough to take off - so it was just left as it was. But now he wants off so he can buy the parents house - So The mother kindly came round and told us that we need to sell the house, (The mother wears the trouser still)

So now we have to sell our house, but my partner will walk away with hardly anything, Once the mortgage as been paid off, So we are unable to get another house, because now my partner is Self Employed but only recently, and I lost my job in December, We pay the mortgage each month, and have done for the last 11 years.

We now have to go and stay with friends and see what we can do, but the only thing we have left is to pay a year up front for private renting.

How hard will it be to get another mortgage with my partner being self employed?

His brother also have other properties and he is self employed, but he always comes out on top..

Is there any other way we could get his brother removed from the mortgage? Or is it a case of better luck next time?

Mojisola

Mummy2211 wrote: »

Worried - We are going to end up with nothing.

Basically - Other halfs parents have said their savings are running low (10 holidays a year dosnt help) So they have asked on the their sons to but their house off them, So that they can have some more money - The house will then Become the older brothers, and the two others will get a little bit of money from the sale. She wants him to buy the house for £150k (Its worth £220k) Then they are going to carry on living in the house rent free until they die, and the son will pay the mortgage each month..

BUT.. This said brother is still named on our mortgage, The house was brought between three, My other half, His brother and wife. We paid them the £25k they put into the house, But we were then unable to take them off the mortgage, because they said we did not earn enough to take off - so it was just left as it was. But now he wants off so he can buy the parents house - So The mother kindly came round and told us that we need to sell the house, (The mother wears the trouser still)

So now we have to sell our house, but my partner will walk away with hardly anything, Once the mortgage as been paid off, So we are unable to get another house, because now my partner is Self Employed but only recently, and I lost my job in December, We pay the mortgage each month, and have done for the last 11 years.

No, you don't.

Stand your ground and don't lose your house because someone else can't control their spending.

Mummy2211

His brother isn't giving us any choice, He wants his name off the mortgage so he can buy his mums house (even though he has other properties in his name that are rented out too)

But they all listen to their mum still - What ever she wants they jump to it.

Her lastest words are - its a clean start, and we can start again!!! Im not sure what land she lives in, but it isnt this one thats for sure.

But if we refuse to sell, his brother can take legal action against us cant he?

Newtothis92

Unfortunately I can't offer any advice but how dare they the cheeky mares! This makes me angry on your behalf OP, so god knows how your feeling. Is your partner on the same level of thought as you or?

Hopefully one of the amazing people on here will have the advice you need.

Good luck!

Mummy2211

Newtothis92 wrote: »

Unfortunately I can't offer any advice but how dare they the cheeky mares! This makes me angry on your behalf OP, so god knows how your feeling. Is your partner on the same level of thought as you or?

Hopefully one of the amazing people on here will have the advice you need.

Good luck!

He wont fight them, He has just basically gone alone with it, So I don't know if there is something I am not being told. He has been angry about it, and says he knows he is being screwed over, But that's it.

The fact that she has even told my parents that I was to move back to their house with them with my kids, while she came in with her other sons to do the house up so they could put it in the market asap!!! My parents live 50miles away and my daughter has just picked her GCSE! grrr..

I'm so stuck its unreal, and I have no idea what the hell to do, or where to go

MortgageMamma

Mummy,

What a worrying situation for you. I am an ex broker and I'm going to give you some pointers to consider.

1. Have you had your finances inspected by a professional and had confirmation that you cannot afford this mortgage alone? Who is your existing mortgage lender?

2. You say the brother has other properties that he lets out, so he is likely not short of money and should have some financial sense. Is there no way he can buy his parents property without forcing a sale on yours? Perhaps a let to buy arrangement or similar? Has he taken professional advice?

3. When the mortgage was originally taken out, was there some agreement as to what would happen if one person wished to realise their interest in the property?

4. Who pays the mortgage every month?

I'll try and help you more once you've answered. But for now DO NOT agree to move out, in fact TELL them you are not moving out and that you don't see why you should lose your home to fund his parents extravagant lifestyle. You may be able to use the fact your daughter is still young and in education to your advantage. I know there a rules about forcing a sale with a minor in the property but I've only seen these applied during divorces with matrimonial assets.

The cost and time taken to force a sale in these circumstances is something that works in your favour. I'd suggest you take a bit of legal advice if you can afford to. Some home insurance policies have family legal protection coverage.

In the meantime, hold your ground, spend as little as humanly possible and get some cash in the bank just in case.

Ps - just had to say, you don't need family like this in your life. People that will screw you over for greeds sake (particularly when you have a child) are toxic and are not good to be around. However this works out hold your head up, keep your self respect and cut them right out of your life once this is done with. And you should be pushing your partner to fight them. If he won't fight to keep a roof over your head he's letting you down big time hun.

enthusiasticsaver

Your brother in law would need to take you to court to force a sale and I don't see why a court would do that considering he wants to come off for an investment not for a house to live in. They would be making you homeless which I do not think any court would do. It is also expensive to go to court so he is trying to scare you. You pay the mortgage every month so the bank will have no interest in trying to make you homeless.

You need to stand your ground and say to your brother in law that you will take him off your mortgage as soon as you are in a position to. Self employed people can get mortgages if they have 3 years accounts.

Cash-Strapped.T32

MortgageMamma wrote: »

Mummy,

I know there a rules about forcing a sale with a minor in the property but I've only seen these applied during divorces with matrimonial assets.

Blindly obeying mum's orders and thus leaving your wife & kid without a home?
If that's not solid grounds... Just a thought...
Regardless of what the rest of the family does, if the husband can't stick up for his own portion then he's not much cop imo.

mrginge

If someone raised a new thread along these lines -

11 years ago I helped my brother out by going in on a mortgage with him.
In that time I’ve asked him to remortgage me off it but him and his partner don’t earn enough.
Now I need my name off it to buy another property.
What can I do?

The responses would probably be -

Go see a solicitor.
Move in.

Mojisola

mrginge wrote: »

If someone raised a new thread along these lines -

11 years ago I helped my brother out by going in on a mortgage with him.
In that time I’ve asked him to remortgage me off it but him and his partner don’t earn enough.
Now I need my name off it to buy another property.
What can I do?

The responses would probably be -

Go see a solicitor.
Move in.

Not if the poster also gave the information below!

People would suggest that he allowed his mother to move into one of other houses and not make his brother's family homeless.

Mummy2211 wrote: »

He wants his name off the mortgage so he can buy his mums house (even though he has other properties in his name that are rented out too)

mrginge

Mojisola wrote: »

Not if the poster also gave the information below!

People would suggest that he allowed his mother to move into one of other houses and not make his brother's family homeless.

Yes quite possibly.

Then we could also say that the brother has tied up his own money to help the OP & partner avoid 11 years worth of renting.

Swings and roundabouts.

At the end of the day what the brother wants his money back for isn’t really the OP & partners concern, so all the fluff about the mother is a bit irrelevant.
The OP needs to be properly investigating remortgaging possibilities via a broker. Which to be fair is what they’re asking.

But if there isn’t a solution where they can buy the house then they need to sell up and move on.