Looking for advice

Jjamie

I stand to inherit a half share in the family home where I currently live with my small family, and my dad. My mum left my her half of the property after she passed away, much to the annoyance of my dad (lived together but didn’t get on).

What are my chances of getting a mortgage? I obviously only need enough to buy him out. Other half has terrible credit and I’m self employed and earn very little

BoGoF

Well you can't get a mortgage on half a house.

Is your dad prepared to move out the house?

Jjamie

I can buy the half share though, solicitor advised me to speak to a mortgage advisor.

He’s only prepared to move out if I purchase his half share. And is currently being extremely abusive towards me and has been for the past year

BoGoF

So how much to buy him out?

How much is very little self-employed income?

Is there a mortgage on the property already?

MovingForwards

How much is half of the house worth?

How much do you earn per year?

How long have you been self-employed?

What debt do you have?

Any children?

All of these work together to see if you could possibly get a mortgage.

What kind of terrible credit does you OH have?

What's OHs income?

What debts?

Any bankruptcy? IVA? CCJ? Defaults? Late / missed payments? (Same for you)

ACG

How much is the half share?
How much is your income?
How much is your partners income?
What bad credit does she have?

Now a days, you need to have pretty severe and recent bad credit to not get a mortgage at 50% of the property value. I think you probably need a pulse and even that is probably negotiable.

Jjamie

Hello!

The property is valued at 85k, so £42,500 but I’d be looking to get a more in-depth property report done as there are issues (boiler is leaking and a few other things).

My dad also expects me to give him a capital sum for everything in the house, which isn’t happening as the white goods are mostly all intergrated, and I don’t want most of the furniture just my things! (Which he claims are his but that’s another story).

There are two children, 9 and 2. I’m self employed but was building my livestock business up, so putting any monies made into more stock rather than a profit. I ended up having to pay more rent than expected and a few other things happened. My mental health is great so I was pretty much keeping the stock at a loss to keep me going mental after my mum was told she was terminally ill. I had to give yo my job on a farm which funded my own stock to care for her and sell most of my stock. Long story shirt I now have five sheep as pets ( they are pedigree and inlamb so we will have lambs to sell) instead of 100 plus as the land owner wanted her land back. So my income from self employment is prettt much nil although I have started a small craft business which is doing okay!
My partner is an apprentice in his last year and earns around £17k a year but is terrible with money. My income is from tax credits, pip and my small amount of craft sales.

My partner has a few defaults that are recent due to RBS changing payment dates and him missing them because they were a week or so after he was paid.

The house is mortgage free

BoGoF

I think you are underestimating how difficult your dad could make it if you do not agree to his conditions (assuming you could raise the money in the first place). Without his signature you will not be buying hom out.

He is currently living in a property with no mortgage and no rental costs. I can't see him giving that up unless it's on his terms.

ACG

This will be quite complex to place due to the size of the mortgage you are after and adverse. It can probably be done, but with you having no real income it will need to be done in joint names with your partner in order to pass affordability.

Rates will be higher than normal but on £40k, it probably wont matter too much. One for a broker though to sit down and go through your partners credit file.

Jjamie

My dad has plans to move in with my brother, which he isn’t aware I know about. He has taken cash from within the property and I’m assuming that’s how my brother has afforded to pay a deposit on a house.
He has already told the solicitor he will move out and sign any forms providing the offer is “sensible”. A sale can be forced through court if he doesn’t agree and given his current behaviour it won’t do him any favours if he does object.

But basically my question is do you think we are likely to get a mortgage?

jennyrenter

Jjamie, the probability of getting a mortgage is what ACG has opined about in his post above yours.

ACG wrote: »

This will be quite complex to place due to the size of the mortgage you are after and adverse. It can probably be done, but with you having no real income it will need to be done in joint names with your partner in order to pass affordability.

Rates will be higher than normal but on £40k, it probably wont matter too much. One for a broker though to sit down and go through your partners credit file.