house

[Zeus007]

help we had our house joint with a mortage but had an iva all finished well my husband is 75 im 58 and the house is in his name with a equity release as no mortgage company would touch us so i have seen a house i ilke bit my husband said no to moving because his tried to keep our one we both have wills heres the but neighbors in our rd are awful to us so much so a car was driven into our house i dont feel safe i really dont know what to do when i looked at tje other house i felt safe we have done nothing wrong at all house ive seen is £385,000 he owes £103,000 can we get this house or not or do a small equity any information please

Bumping for you.

I’m not in the UK so not familiar with British lending rules, however you would need to provide details of earnings, savings, and equity in current house if you want advice.

All probably moot though if your husband refuses to move?

Is the £103k the amount of money he took from equity release or how much the equity share has gone up to?

It really depends but on your contract but you may not have much equity left.

please break your post down into sentences as are you are hard to understand

the salient points appear to be

• the house is now in husband's sole name (for unknown reason)
• the house has had equity release of 103k taken from it

How much equity remains in current house?

If husband is against selling up and moving then how do you think you will buy a new place on your own? Is it appears you have no money of your own and at your age forget about a mortgage

right the house is in my husband’s name because we could not get a joint mortgage because we had an iva which now has been settled. the equity in the house is £289,000.my husband took out an equity release mortgage and the balance stands at £103,000 the house ive seen is £385,000

So you’d need a new mortgage, of either £199,000 or £96,000 if disregarding the equity release, unless you have any other capital. Also moving costs will need to be considered, legal fees, stamp duty etc. The first step would be to approach the equity release company I’d imagine.

I think at your ages you won’t get further lending. Your post is really muddled so I’m not really sure on your numbers but essentially you to move you’d need 100% of the property price.

I'm not sure there's anything you can do if your husband won't move 😩

The only option is to divorce him to sever financial ties and then go your own way. In other words, choose your husband or your house - it's a horrible dillema.

thanks for clarifying, you husband does not want to move, but you do. Until that fundamental hurdle is resolved nothing can happen.

the bottom line is

• at his age he will not get a mortgage, either sole or joint names

• selling "his" house and buying a replacement may not work anyway as you have a funding shortfall. The equity release would need to be repaid which would leave you with insufficient (289 - 103 = 186k) for an outright purchase of the 385k house for cash, so you'd need to get a loan in your own name for that shortfall.

• You have not given any evidence to suggest you can afford a mortgage in your own name for such a shortfall.

• retaining his house and increasing the equity release to fund purchase of a second house would never get off the ground as i) there is not enough equity to cover such a purchase and ii) your family finances may be unable to cover the additional up front costs of simultaneously owning 2 properties.

well thank you all for negative feedback totally depressed now . so if we sell this house at £400,000 would we be in a chance of buying that other house for £385,000? outstanding mortgage is £103,000? we have both done wills and was told if my husband dies house goes to me he has equity release mortgage is this true or will i have to sell ?
when he dies i was told i could get a equity release mortgage

If you sold for £400,000. Is that even possible in your area considering the current housing climate?

You would need to pay:
£103,000 to settle the equity release.
£?? Estate agent fees
£?? Energy Performance Certificate
£?? Solicitors fees
£?? Removal costs
£?? Survey costs
£?? Stamp duty on the new house
£?? Costs for current home if certificates aren't up to date such as gas service, electrical safety.

You would need to look into these costs, total them up and minus them from what you sold the house for.
The balance remaining would be what you have outright to spend on a new home. Any extra funds required would need to be borrowed.
You would need to take independent financial advice or speak to your bank about your options for that.

If you manage to sort that out you still have your husband to overcome.

If you sell the house at £400,000 then you have to deduct the outstanding mortgage / equity release of £103.000
thus leaving you with £297,000 so you cannot possibly buy a house at £385,000

and the remaining £297,000 will be far less as there are costs involved with selling.

My parents recently inherited a house with a lifetime mortgage aka equity release on it and the costs are eye watering. The interest is very high so will be increasing a lot every month that passes.

If the house is solely in your husband's name you need to check the terms of the equity release. Is that just in his name too? As when anything happens to him which, considering the age difference is likely will you be allowed to stay in the home? Most lenders require both names to be on the title deeds in order for them to be allowed to stay in the home after the death of the partner.

I think you need to get some proper legal advice with regards to your position s you have been left very vulnerable. Agreeing to have your name taken off the deeds was not a good move for you financially.

was told if my husband dies house goes to me he has equity release mortgage is this true or will i have to sell ?
when he dies i was told i could get a equity release mortgage

Who told you this?

At this present moment in time yes, if your husband dies then the house would go to you but you would need to make the choice of either paying off the amount owed on the equity release or selling the property. There could quit easily come time where the value of the interest on the equity release is more than the value of the property.

Agree you need legal advice as to your position before you worry about buying a new house. If your DH owns the house and leaves it to you in his will, you would presumably need to repay his equity release loan either by selling the house and paying or by taking out an equity release loan in your own name, if that’s possible?

It is possible to buy a new house with equity release, so you could sell and pay back the current mortgage and then buy a new one together with your equity plus new equity release. Your husband would have to agree but maybe talk to an equity release advisor and see what they say. Once you have all the facts you can present them to your husband. The other option you have is a scheme called yourhome which enables you to part buy/part rent so you may be able to buy 75% and rent the rest. That depends on what income you have coming in. It’s a private shared ownership scheme where you chose your own your home.
https://yourhome.org.uk/?utm_source=google&utm_medium=cpc&utm_campaign=yourhome-pmax-non-sharia&adgroupid=&campaignid=21594520706&location=9189323&matchtype=&utm_term=&gad_source=1&gad_campaignid=21598198741&gbraid=0AAAAAoV5F6taIouxiI6tM64dZc_jr3uol&gclid=Cj0KCQjw0Y3HBhCxARIsAN7931UsfZG0SsvBydk-fXg87IcXZ4gXdqu9npGi4FjSDVSrV8Q3MazgUlUaAkezEALw_wcB
I don’t know if either of these things will work for you but worth looking into if you are not happy where you live. Good luck x

I don't think you have been given negative information. You've been given realistic information.

The fact is your husband is 75. The house is in his name, and he doesn't want move. There's no way round this without his agreement.

Presumably the debt was in your name, hence why you are the one to have the IVA. Be grateful you managed to keep your home.

Spend the time you have left together and stop thinking about another house that felt safe from one visit. You don't know who the neighbours are, you may end up with a car being driven into anyhome. That's a random incident.

When he dies you can do what you want.

Your possibilities are:

On death of DH the loan is repaid using money. If his estate does not have enough cash to make that payment then his estate will have to sell off whatever is in his estate to raise enough cash to do so. That may mean the estate must sell the house if that is the only decent asset in his estate which can be converted into money.
The fact the will leaves it to you does not magically cancel out the fact his estate has a debt to be settled on his death.
However, you may be able to raise an ER loan in your own name to provide enough cash to inject into his estate so that his executors can then use that cash to pay off his ER loan which would leave you in possession of the property but still with a loan outstanding against it. At your relatively young age an ER loan in your name would be very expensive, so make sure you understand how the loan amount escalates whilst you are still alive. For example, the ER company could force you to sell if the property value reaches a trigger threshold compared to the loan balance.

OR

Whilst still alive, DH could "port" (transfer) the ER loan to another property - if the loan company allows him to do so, i.e. the new property meets the ER company's lending criteria. However, you state DH does not want to move, so back to square one ... staying put until death.

OR

You move house and use the money from the sale to clear the debt whilst DH is still alive. However, selling at 400K and repaying 103k will obviously not be enough to buy a 385k new place. So we are back to can you get a mortgage for the shortfall in your own name as DH is too old to party to a mortgage?

OR

you do as @olivetrees1999 says and purchase the new property using some form of "hybrid" financing if you can "persuade" DH to move.

hi no we have a neighbor who is hell and the iva was in both names !! my husband pays the mortgage of £864 per month so capital and interest is coming down the house we want to buy is in the hampshire!!!!!

I’m confused. You have equity release but are still paying a mortgage? So do you have two loans against the property or are you paying the equity release interest in order to keep the amount owed the same?

one mortgage on equity release paying off

as said at the start your ability to convey info is awful.
Good luck sorting yourself out, I can't be bothered with you anymore.

typical

Your poor neighbours.

If your husband doesn't want to sell and it's in his name, you cannot make him.

When you sell a house with equity release on it, you have to pay the entire outstanding amount back immediately from the sale proceeds, so you would have £103,000 less than however much you sell the house for to use to buy another house.

At your ages, you are unlikely to get another mortgage even if your husband did change his mind and agree to sell.
You have said you had to get the equity release because no mortgage company would touch you.

It is also unlikely you will magically sell your house in time to buy the other house for more than you would get from the sale after paying back the whole equity release amount, when you are not even able to put it on the market for now.

I would say you have little to no chance of buying the other house in Hampshire unless your situation changes.