Applying for a mortgage questions

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Hi there,

I'm wondering if you will be able to point me in the right direction about applying for a mortgage to buy a house.

I have a small mortgage with my sister on a flat (about £60,000)

And a mortgage with my ex husband on our former matrimonial home (about £250,000).

I'm renting at the moment and have received an inheritance so I'd like to buy my own house. My salary is £30,000.

My fmh is on the market- but may take a long time to sell.

I can come off the mortgage with my sister I think- I'm not really sure how to do that though.

But I really want to use my salary and my inheritance to buy a house, then when fmh sells that will be a bonus that I pay off knew mortgage with.

I don't really know where to start. Do I talk to a mortgage advisor or a bank? Do I get myself off my sister's mortgage first or wait and see if it will be a problem?

And advice you give will be welcome! Thanks

Maybe London & Country can help you? They're independent, free mortgage brokers and should be well placed to talk you through your mortgage options

Maybe London & Country can help you? They're independent, free mortgage brokers and should be well placed to talk you through your mortgage options

Ok that's a great tip thanks- I'll try calling them tomorrow

Would also be a good idea to get tax advice about how to do this efficiently regarding stamp duty land tax plus any possible capital gains tax etc

A financial adviser may be a good idea, with your sisters place, have you paid anything towards it? As it might not just be a case of coming off the mortgage, your sister may need to remortgage on her own, or at least prove she can afford the existing mortgage. With the family home is there an option for you to be bought out prior to the house selling? A financial advisor should be able to help with all of that.

If your salary is £30k and you are already on two mortgages, you are going to struggle getting a third. The small mortgage with your sister won't be the issue, it's the big one.

Thanks for your replies. I haven't paid anything significant on my sister's mortgage, so yes I thought I would just come off that.

I have a court order in place on fmh giving me 50% of proceeds of sale. I haven't paid anything to that mortgage as comes out of ex-h's salary. ( and I'm paying rent on my flat).

Do you think I could come off mortgage on fmh? Would that jeopardise the court order in any way?

I wouldn't be able to check how much mortgage was to confirm proceeds of sale were accurate I suppose. That's one risk I can think of.

@katmarie yes my ex could buy me out of fmh easily- but if he knows I want it he won't do it. So I'm trying to work out what I can do without being dependent on him doing the right thing in any way shape or form!

@katmarie yes my ex could buy me out of fmh easily- but if he knows I want it he won't do it. So I'm trying to work out what I can do without being dependent on him doing the right thing in any way shape or form!