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Need a mortgage !

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  • Need a mortgage !

    Hi,



    I am really hoping you can give me some advice. Mum and I lived together and she passed away a month ago. We live in a house valued at apx £180,000 and there is £50,000 left to pay. Mum didn’t have any life insurance and I am 39, on disabled benefits and have a terrible credit rating. I will list the facts as briefly as I can.





    I have lodgers in the house and along with my benefits there is £1,600 incoming each month. I have been to Santander and they have said no to a mortgage for me.



    The other option I have is my Brother who has his own house and a good job but his credit rating is ‘good’ on Equifax and my financial advisor suggested a ‘buy to let’ mortgage for him to apply for but now says it will be very unlikely as he hasn’t got a excellent credit rating. He has a recent default for £2200 from his previous address - he knew nothing about this and has a couple of late payments by a day or so – his Equifax score is 468.



    We can easily afford a mortgage repayment between us but can’t get a mortgage off the high street lenders and we don’t want to apply online to any one else as I believe it can effect your credit rating.






    The financial advisor has been recommended by a friend and Iam sure he is very good at his job but wanted to ask your advice also as surely with the amount of equity in the house, my age and incomings and also my Brother there must be a way to keep the house.



    The house will have to go to probate but I am more than happy to sign everything to my brother if we can get a mortgage.


    Thank you



    Sara

  • #2
    Re: Need a mortgage !

    Are you absolutely sure your mum didn't have life cover for the mortgage? I was under the impression that it was standard practice?

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    • #3
      Re: Need a mortgage !

      Hi Brian,

      Thanks fo rthe reply - no she didn't have life insurance. I am in a bit of a mess!!!

      Comment


      • #4
        Re: Need a mortgage !

        Originally posted by brian View Post
        Are you absolutely sure your mum didn't have life cover for the mortgage? I was under the impression that it was standard practice?
        Brian - it's not a requirement just an option.

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