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Mortgage on low income
Tini1212
Posts: 8 Forumite
This is quite complex, so bear with me, but I need some advice urgently.
I own my brothers house - worth £100,000.
We need to sell and move him to another area - new house price approx £140,000
I'm trying to get a mortgage for the shortfall plus a little extra to pay off credit cards - approx £50,000.
My issues:
I only earn £11,000 per year, too low for the affordability check
A joint mortgage is not possible due to my brother having a poor credit rating, although earns a good wage and my husband does not earn anything
I've also tried a secured loan as I live in a house worth £240,000 with no mortgage
I own my brothers house - worth £100,000.
We need to sell and move him to another area - new house price approx £140,000
I'm trying to get a mortgage for the shortfall plus a little extra to pay off credit cards - approx £50,000.
My issues:
I only earn £11,000 per year, too low for the affordability check
A joint mortgage is not possible due to my brother having a poor credit rating, although earns a good wage and my husband does not earn anything
I've also tried a secured loan as I live in a house worth £240,000 with no mortgage
0
Comments
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You could try for a buy to let but the interest would be high and he would need a proper tenancy agreement.
Or you could rent it out and he could rent somewhere until his credit score improved.0 -
I can't get a buy to let for a family member, i've tried a couple of places already. He would pay me rent, that's not a problem and a proper tenancy agreement will be written up.
We can't afford to rent somewhere else unfortunately.
Thank you0 -
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Can you recommend anyone?0
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Nope. But I'm sure Google can point you to a few local brokers to start vetting.0
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Have you asked a broker about a joint mortgage already, or are you assuming that your brothers low (unseen) credit score will have some affect on the ability to get a mortgage?
With a LTV this low I would think a whole of market broker should be able to help you.
Doubtful you will get a BTL regulated or not without an existing residential mortgage and with income as low as it is.
You have a high debt to salary ratio as well.0 -
I've spoke to L&C and Norton Finance, no luck at all with either. I didn't think it would be this difficult as I have a house worth £240,000 which i'm confident to put the loan against and i'm not looking for a full mortgage0
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