Inheriting a mortgaged property

gwynlas

On an income of 21K you could theoretically get a mortgage of 84K depending on age and circumstances.If there are any repairs or renovations needed to the house then you factor these in to the size of mortgage applied for. Approval would depend on your being able to afford payments as the mortgage could run up to statutory pension age or beyong if you have sufficient pension income.

Mojisola

bluedanube_1982 said:

But to be honest a period of 12 to 18 months would give me ample time to try to raise the money to pay off remaining the  14k mortgage, surely they couldn't move to repossess the house for the sake of 14k, I can continue to make the payments even during the period before probate is acquired,I fully intend to do that if possible.

Are you the executor?  It can take up to year to get an estate sorted out, depending on its complexity.

If you are the executor, you can slow things down until you are able to pay off the mortgage. 

jimjames

bluedanube_1982 said:

theoretica said:

what you may be thinking of is that Lloyds bereavement department will let the current mortgage run while the estate is sorted out, and probate acquired.  But not for more than 18 months, and they would not allow the property ownership to be changed to you.

But to be honest a period of 12 to 18 months would give me ample time to try to raise the money to pay off remaining the  14k mortgage, surely they couldn't move to repossess the house for the sake of 14k, I can continue to make the payments even during the period before probate is acquired,I fully intend to do that if possible.

£14k mortgage on a £140k house with £21k salary shouldn't be an issue at all I'd imagine unless it's below the amount they'd lend so you might need to borrow more.

sammyjammy

Sorry for your loss.

How much is the total debt?  As long as you've kept up repayments there is no reason why you couldn't borrow enough to repay the mortgage although you'd likely have to borrow a minimum of £25k with most lenders.