Mortgage and Debt

tommy114

Hi, my auntie who I live with is in a very bad way health wise and doctors have told us to expect the worst. 

The house is solely in her name with around £85,000 left on the mortgage. I have debts of around £40,000 on credit cards, personal loans, catalogues etc. I am upto date on all payments and have never missed a payment or paid late. 

My question is would I be able to get a mortgage for the £85,000 + £40,000 to pay off my debts so £125,000 mortgage in total. The house value is between £170,000 - £200,000. I would not be able to afford the mortgage without paying off my debts first. 

Thank You  

obc18

Sorry to hear about your auntie. My understanding is if you won’t pass affordability in the first instance because of the debts, then you wouldn’t be accepted for the mortgage anyway. I also don’t think you can get a mortgage worth more than the property, to use as cash in your bank to pay the debts. It’s a loan purposefully for a property only and the money is paid directly to the seller/seller’s lender. I could be wrong. If the worst happens, wouldn’t the property be passed onto her next of kin? Wishing you and your family all the best at this difficult time.