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Original poster

Mortgages... sigh! Ot of reach!

20 replies

pertempsnooo · 13/12/2013 13:34

Got a buyer for my house so I get 20,000 equity. Then no home.
Could maybe get a mortgage if tax credits and income taken into account = £25000 income annually = £100,000?? (Though I have been told today that I can't have the amount of tax credits taken into account at any higher than my own income which would reduce the income factor)
So where can I buy for £120,000 round here? Nowhere with enough rooms for me and 3 children. BUT this government scheme? Will they provide a guarantor type deal for more? To me? (I have looked at part buy schemes already). Any advice anyone?

OP posts:
Original poster
pertempsnooo · 13/12/2013 13:35

HA! OUT of reach...

OP posts:
Financeprincess · 13/12/2013 17:41

Why are you selling your house, if you don't mind me asking? Mortgages aren't so easy to come by these days, so if you have one now, why not sit tight for a bit?

SpicedTeaAndXmasCakeOrDeath · 13/12/2013 17:53

on phone and feeding DS2 so short message but rbs takes tax credits fully into account. also look at darlington building society

Original poster
pertempsnooo · 15/12/2013 11:25

It's complicated...
My ex partner (separated 7 years) declared himself bankrupt and so the creditors want their share. Had to put house on market to keep them happy.
I am simultaneously offering sums to them to buy out. They have so far declined every offer. To do this I would need to borrow money anyway.

OP posts:
RandomMess · 15/12/2013 20:20

Nationwide do affordability mortgages.

What happens if you refuse to sell up though, will they take you to court and a judge see you homeless with 3 dc? I would see what the maximum is you can borrow easily is and tell the creditors that is the most you can afford and they will have to see you in court to force a sale?

Can none of the debt charities help negotiate with the creditors?

In many ways renting has it's advantages, owning your own home isn't the be all and all. Housing benefit help if you lose your job, no maintenance of a property etc.

mineofuselessinformation · 15/12/2013 20:25

Yay, nationwide will take tax credits into account.

Mary2010xx · 15/12/2013 20:32

So you just need to raise £20k and can keep the house and that goes to pay your other half's creditors? Would be a lot cheaper and costs of moving if you could negotiate just that. I would keep trying with that. Perhaps speak to a solicitor. Even if you are not married under the Children Act I think your chidlren may have a claim not to be made homeless.

RandomMess · 15/12/2013 20:40

No op needs to raise more than £100k to stay where she is.

Will the creditors accept you paying them something monthly?

WoodBurnerBabe · 15/12/2013 20:43

Can't his creditors just put a charge on the house if you can afford the repayments? Then they would have to wait until you sold?

RandomMess · 15/12/2013 20:44

Wood I'm assuming that the creditors have had enough of waiting - 7 years already?

RandomMess · 15/12/2013 20:46

Actually it doesn't say how long since the bankruptcy - I blame the wine!

WoodBurnerBabe · 15/12/2013 20:48

OP says they split 7 years ago, not clear if this was the bankruptcy date also? If the alternative is homelessness, then it might be an option.

Some interesting information here on charging orders and sole/joint property ownership.

forums.moneysavingexpert.com/showthread.php?t=1839539&highlight=charging+order+on+joint+property

WoodBurnerBabe · 15/12/2013 20:49

X-post! Wish I had wine also...

Original poster
pertempsnooo · 17/12/2013 14:42

Thanks for your responses.
My ex declared bankruptcy in June 2012.
I have been paying the mortgage just fine, though it's still on interest only for now as pointless paying off any more when it would possibly end up pocketed elsewhere!
Not sure I can afford to take on additional debts of 20,000 though. Last I've offered is 10,000 and that would be my limit. They said no yesterday.
Woodburner, that's very interesting that thread. Do you think anyone actually manages that? I am just in the process of ringing round solicitors for conveyancing :( but may ask about this.
Ex has given nothing for children since 2009. I thought that the children's act was powerless in this case. I think my family law solicitor told me that.

OP posts:
mercibucket · 17/12/2013 14:48

why sell?

have you asked for legal advice about staying put?

mercibucket · 17/12/2013 14:50

ask in legal about this

surely they can only sell his half ie they cant sell

Original poster
pertempsnooo · 17/12/2013 15:24

People have told me already that creditors need take no notice of childrens act law...
They can force me to sell if I can't buy them out, which, so far, I can't.
I think!
Woodburners link is interesting and it seems that it is possible to out-wit the creditors and sell without them getting their hands on anything. However I would worry that afterwards they could sell the debt on and chase me for my ex-partners share!
IF only I had married TB! before LTB!

OP posts:
brettgirl2 · 19/12/2013 21:33

Half a house with a sitting tenant is basically worthless. Definitely get legal advice about this, I think they are bluffing.

Quejica · 19/12/2013 21:46

Please get proper advice. They really are not bluffing.

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