Temping - need mortgage advice

Nix143 · 24 August 2004 at 9:42PM

Hi, am in a real situation and need some advice quickly. If anyone can help I would be more than grateful.

I currently have a 60 grand mortgage on a property valued at £125,000. I left my job in Dec 03, went self employed, have now gone back into work but I am working through a temp agency for 3 months before I sign my contract. Salary £21,000.

I REALLY need to re-mortgage to get my current partner out of my house - 20 grand. What are my chances of re-mortgaging in my current situation? If I can, what are my best options? I don't want to be tied into interest rate from hell but on the other hand, I have to get my partner out of my house!

Please, please help

lisyloo · 24 August 2004 at 10:17PM

whose name is the house in?

whose name is the mortgage in?

Nix143 · 24 August 2004 at 10:21PM

Both are solely in my name - when we bought house I was working, she wasn't so it made sense for me to buy the house

Now legally I may not have to give her a penny but I'm a nice girl and just can't do that *s* HELP!

lisyloo · 24 August 2004 at 11:48PM

So - you have contributed most of the money towards the house but you are willing to be amicable and give her a settlement of £20K.

Will she not wait 3 months for the money? given that you are being fairly generous towards her?

Nix143 · 25 August 2004 at 8:39AM

No I need her out now. Any suggestions?

lisyloo · 25 August 2004 at 11:51AM

You can get her out any time you like - it's your house. You simply ask her to leave.

You really need to speka to a mortgage broker.
My feeling is that it would be a lot easier to get a mortgage once you have your contract signed.

You might be able to get a self certification mortgage in the meantime but that will cost more.

It is not clear exactly what her legal claim is on the money, but if it's your house then you can get her out any time you like.

I would ask her to leave and then sort out the money later.
It is not reasonable to expect you to be able to sort out the money instantaneously.
People do this over a period of months and years when they get divorced.

But if you are really insistent on doing it that way then you need to arrange an appointment with a mortgage broker.
They will be familiar with which companies might be able to help you (or not).
Try to get one that doesn't charge you a fee.

Mortgage_Master · 25 August 2004 at 12:40PM

Hi Nix143,

This is a tricky one! Lenders normally require that you be in a permanent position.

What line of work are you in, is it the same type as when you were self-employed? When did you start the job and what date should the contract be signed?

Even if your employment wasn't a problem it would still take 6 - 8 weeks to go through the remortgage process. Have you approached your existing lender yet?

Nix143 · 25 August 2004 at 1:09PM

Yes, my work is exactly the same as what I did for 5 years employed then 9 months self employed - IT Project Manager. The reason I've gone back into work is to make getting mortgage a bit easier!

Thanks for the advice so far - keep it coming! There must be someone who will give me the money!

thorkild · 26 August 2004 at 5:21PM

Check out this link.

http://www.contractoruk.com/money/cuk_mortgage_club.html

Basically it is a self certification mortgage for contractors. I guess a temp would be similar enough.

Good luck!

thorx

Temping - need mortgage advice

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