Mortgage & Equity Help

W4rZ9156

Hello Experts I`m hoping that someone can offer some advice regarding a dilemma I`m facing.
I have just inherited my Late mums home which have Equity against it,I have been living with my mum as a carer and I wanted to know my options for purchasing the home Via a Mortgage or other means.
The issue I`m facing is that I cant Apply for a Mortgage my self as I have a repossession against me due to a marriage breakdown however my partner and I would like to make this our home.
My main question would be would he be able to apply for a mortgage against the equity or can we release the remaining equity as a deposit to re mortgage.
I have Spoken to the Equity Life time mortgage lender who advised that this is possible and we are waiting on a valuation on the property.
The Equity on the home is £107000 due to be repaid within 9 months of my late mothers passing 
Estimated value on the property is £180000 - £210000.
Many Thanks and sorry for it being brief I`m really worried about the future and need some help because this is new Territory for me.    

Brie

So they Equity release company will be wanting £107k.  And perhaps some fees.  And you'll have solicitor's fees as well??  So maybe you're going to need £120k to cover everything???  That's a great LTV ratio but you'll still need sufficient income to satisfy the mortgage provider.  Do you and/or (more likely) your partner have that income?

Do you and your partner have wills set up? Are you happy if partner is the sole name on the deed? 

W4rZ9156

Yes I`m guessing that the Fees will bump it up to around that I`m abit of a noob When it comes to this LTV?.
We have Discussed it and yes I`m Agreeable to that and we do have the income.
No Wills ATM.
So would releasing the remaining Equity for a deposit would u say is the best option we do have some savings of £12000

If we went down the release option am I right in this?
Home value £180000 - £120000 (Equity) Leaving £60000 for deposit How would it work Paying the Equity owed and re mortgage on the home?
I need to pay the £120000 Back so I`m confused.

MWT

W4rZ9156 said:

My main question would be would he be able to apply for a mortgage against the equity or can we release the remaining equity as a deposit to re mortgage.
I have Spoken to the Equity Life time mortgage lender who advised that this is possible and we are waiting on a valuation on the property.

This doesn't make any sense as written, you can't 'release equity' and also get a mortgage, but you can use your beneficial interest in the property in lieu of a deposit, but that would usually require you to be on the mortgage...

I would strongly suggest you talk to a good broker to figure out what may be possible for you given your income and credit history, especially if the repossession was some time ago...