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Mortgage Porting on Universal Credit
lovelylouca
Posts: 34 Forumite
It feels like it's mortgage advice I need, but it may be more complicated than that. I shall try to be as clear as I can be!
My Dad owns a property he was renting out. It has an estimated market value of £120,000. He was going to sell it and divide the proceeds 3 ways (him, me and my sister).
My sister has decided she'd like to move into the ex rental property after selling her current property with estimated market value of £90,000 and a mortgage balance of £58,000. She's currently unable to work and is on Universal Credit. Ideally she'd move, reduce her monthly payments and equity would still be released to my Dad and me.
I feel like the solution is staring us in the face, but could do with some simplified advice to arrive at the outcomes outlined above please!
Many thanks in advance.
My Dad owns a property he was renting out. It has an estimated market value of £120,000. He was going to sell it and divide the proceeds 3 ways (him, me and my sister).
My sister has decided she'd like to move into the ex rental property after selling her current property with estimated market value of £90,000 and a mortgage balance of £58,000. She's currently unable to work and is on Universal Credit. Ideally she'd move, reduce her monthly payments and equity would still be released to my Dad and me.
I feel like the solution is staring us in the face, but could do with some simplified advice to arrive at the outcomes outlined above please!
Many thanks in advance.
0
Comments
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Is it just UC she is on or other benefits too?
Any children, if so approx ages.
Any debts?
What's her credit history like?
On paper, if just UC and no PIP etc there's probably slim to no chance as it's generally 4.5x annual income which is just over £18k for 4.5 years of UC. It's highly doubtful the whole £4k ish a year would be taken into account and there's not enough equity in her current property to bridge the difference.
Has dad accounted for capital gains tax when he sells?
Does he also have sufficient other money / property to cover his needs as deprivation of assets could come into play.Mortgage started 2020, aiming to clear 31/12/2029.0
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