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i just dont know what to do
dandandan81
Posts: 19 Forumite
Hey,
First post on here, forgive me its gonna be a troublesome one!
Currently live at home, mum and dad are now getting separated which means one of two things: the house will be sold or buy my dad out.
this is where i am lost!
Currently my parents have a Virgin one account that owes £138,000
The value of the house is £280,000 ish
My dads share is obviously £70,000 and there is still £138,000 left to pay on the mortgage
Is it possible for me to obtain a mortgage and buy out the Virgin account? Im a teacher on £23000 and my sister who is helping me is on 24,000 self employed
How would it work? or who could give me advice on how to do this? Im so lost, confused and upset i just cant think! Oh and to top it all, id like to roll in about 18,000 worth of credit card and loan debt i have managed to obtain.
im in a mess
and i apologise if none of this makes sense!
thanks for reading/advice in advance
dan
First post on here, forgive me its gonna be a troublesome one!
Currently live at home, mum and dad are now getting separated which means one of two things: the house will be sold or buy my dad out.
this is where i am lost!
Currently my parents have a Virgin one account that owes £138,000
The value of the house is £280,000 ish
My dads share is obviously £70,000 and there is still £138,000 left to pay on the mortgage
Is it possible for me to obtain a mortgage and buy out the Virgin account? Im a teacher on £23000 and my sister who is helping me is on 24,000 self employed
How would it work? or who could give me advice on how to do this? Im so lost, confused and upset i just cant think! Oh and to top it all, id like to roll in about 18,000 worth of credit card and loan debt i have managed to obtain.
im in a mess
and i apologise if none of this makes sense!
thanks for reading/advice in advance
dan
0
Comments
-
Hi Dan
Sorry to hear about your current situation.
I think you may be able to get a joint mortgage with your sister to take on the mortgage.
2 things to do:
1 Get some legal advice re the "sale" of the property to you - you may have to put your mum on the mortgage. You should be able to get some free informal advice from a solicitor including how much they charge!
2 Perhaps the first thing to do is talk to a Financial or Mortgage adviser - no broker fees (lots of posts about finding an adviser on this site)
They will be able to tell you if this will work financially for a lender and help you decide if its affordable for you.
Hope this helps to get you started."The true measure of a man is how he treats someone who can do him no good."(Samuel Johnson 1709-1784)
Lots of years in financial services, still learning!0 -
Hi Dan sorry to hear about your parents splitting.
I take it your mum is on the mortgage if so does she work and how much does she earn. IS your mum going to let you consolidate your debt on to her mortgage as she will be paying interest on your debt. I would also recommend coming off the One Acount unless you pay large chunks off at irregular intervals. You do really need to sit down with a mortgage broker and discuss this.0
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