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Someone who is behind with the rent
Comments
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If the mortgage company "buys" more of the property the mortgage payment would rise as it would be for a larger share.
Can "she" (the occupier) afford a higher mortgage payment? She's in arrears already on the required payments. The mortgage lender would presumably want to do affordability tests before getting involved, even if this is possible.1 -
The mortgage provider may choose to take on the arrears to mitigate their risk.
However in doing so your friend will need to address the reason they are in arrears in the first place. They will also need to be able to afford to pay the lender back (plus the interest which they currently aren't being charged)
If they can afford to pay the increase to the lender then they can afford to pay it back to the landlord and are choosing not to. It's rare a landlord wouldn't accept a payment plan.
The above wouldn't be buying a bigger share it would be moving the debt and adding interest
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She is now working 2 jobs and taking all overtime and extra shifts she can get just to increase her mortgage potential0
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R200 said:She is now working 2 jobs and taking all overtime and extra shifts she can get just to increase her mortgage potential0
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R200 said:She is now working 2 jobs and taking all overtime and extra shifts she can get just to increase her mortgage potentialNot paying the rent is doing her mortgage potential more damage than she can cover by taking extra overtime and shifts...Hopefully she is at least making paying the rent arrears a priority after paying the mortgage, rather than relying on the wrinkles in the system to stop her from being evicted...
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MWT said:R200 said:She is now working 2 jobs and taking all overtime and extra shifts she can get just to increase her mortgage potentialNot paying the rent is doing her mortgage potential more damage than she can cover by taking extra overtime and shifts...Hopefully she is at least making paying the rent arrears a priority after paying the mortgage, rather than relying on the wrinkles in the system to stop her from being evicted...
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R200 said:MWT said:R200 said:She is now working 2 jobs and taking all overtime and extra shifts she can get just to increase her mortgage potentialNot paying the rent is doing her mortgage potential more damage than she can cover by taking extra overtime and shifts...Hopefully she is at least making paying the rent arrears a priority after paying the mortgage, rather than relying on the wrinkles in the system to stop her from being evicted...I'm a Forum Ambassador on the housing, mortgages, student & coronavirus Boards, money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.1
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silvercar said:R200 said:MWT said:R200 said:She is now working 2 jobs and taking all overtime and extra shifts she can get just to increase her mortgage potentialNot paying the rent is doing her mortgage potential more damage than she can cover by taking extra overtime and shifts...Hopefully she is at least making paying the rent arrears a priority after paying the mortgage, rather than relying on the wrinkles in the system to stop her from being evicted...
so the rent would be negotiated lower to an amount the tenant can afford. Have to bear in mind the increase in mortgage payments when the LL negotiations are happening0 -
R200 said:silvercar said:R200 said:MWT said:R200 said:She is now working 2 jobs and taking all overtime and extra shifts she can get just to increase her mortgage potentialNot paying the rent is doing her mortgage potential more damage than she can cover by taking extra overtime and shifts...Hopefully she is at least making paying the rent arrears a priority after paying the mortgage, rather than relying on the wrinkles in the system to stop her from being evicted...
so the rent would be negotiated lower to an amount the tenant can afford. Have to bear in mind the increase in mortgage payments when the LL negotiations are happening
The HA are also unlikely to allow staircasing whilst in arrears. The mortgage company won't increase the mortgage if they can't afford to pay the arrears.0 -
R200 said:silvercar said:R200 said:MWT said:R200 said:She is now working 2 jobs and taking all overtime and extra shifts she can get just to increase her mortgage potentialNot paying the rent is doing her mortgage potential more damage than she can cover by taking extra overtime and shifts...Hopefully she is at least making paying the rent arrears a priority after paying the mortgage, rather than relying on the wrinkles in the system to stop her from being evicted...
so the rent would be negotiated lower to an amount the tenant can afford. Have to bear in mind the increase in mortgage payments when the LL negotiations are happening
Staircasing up to 60-70% is a completely different discussion. And it would seem odd for a lender to agree a larger mortgage for someone who is already having trouble paying.1
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