How to buy out share in house

LabobsMummy

When my mother passes away her house will be split equally between myself and my sister. My sister already has her own house, so would probably want to sell her half. I currently live in social housing and have a DMP with Payplan and still owe £19000 😢. When the time comes I would like to move to live in my old family home (I'd move now if I could but I have 3 young children). My question is, would I be able to get a mortgage to pay out my sisters share of the house? Obviously I am trying to pay off my current debt ASAP and am hoping that I will have cleared that before the inevitable happens, but would I even be considered for a mortgage with a DMP and on low income? 

Slithery

LabobsMummy said:

When my mother passes away her house will be split equally between myself and my sister.

If this is what the will says then it isn't a very well written will. Or did you mean that your mother's estate is to be split equally between you?
You are thinking about this far too early, if your mother needs to go into care then the property might need to be sold to cover the costs - there may be nothing left to inherit.

LabobsMummy

Sorry, to make it clear, yes the estate is to be split equally. I know things can change, but she is adamant at the moment she will not go into a home.

AdrianC

LabobsMummy said:

...but she is adamant at the moment she will not go into a home.

So who would be willing to provide live-in care for her, 24x7...?

Somebody able to lift her in and out of bed, able to cope with double incontinence, able to cope with her not knowing who they are and believing they're trying to assault her?

Sometimes, care is quite simply the best possible environment.

Inheritances are what is left of somebody's assets after they die. While they're alive, their assets are there to make their lives comfortable.

MovingForwards

What's the estimated date for clearing the DMP?
- you (currently) need 12+ months clear of it before being considered for a mortgage.
- you (currently) need to be 12+ months into a DMP for (sub-prime, high rate APR) lenders to consider an application.

How many defaults, AP / AR markers / CCJs do you have?

How much do you think the 50% will be?

What's your income going to be?

How old do you think your youngest will be at that point?

Are you currently saving towards the legal, mortgage and broker fees?

Without a lot more information no-one can hazard a guess and lending criteria changes, any opinions can only be based on now and historic knowledge, not what may be in place in a year or 10 years.