Some Finance Questions. Edit, sor'ed.

[_Will_]

Need a bit of info from those in the know.

The situation -

We have found a nice flat, they will pay the 10% deposit for us.
Now we need to find out about financing it.

We earn about £32k p/a between us so easily can afford the £85k mortgage.

/But/
My partner is still named on another mortgage with her ex, she no longer pays anything towards it, but needs name removed - what we need to know is how long this sort of process takes.

If not, would i on my own be able to get that sort of mortgage on my £14.5k?

Also, to get the deposit paid for us they have to go through the halifax (my bank) does anyone know what sort of interest rates they have?
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Past -Honda qr50 | 2004 Peugeot Tkr s 50| | 1996 Yamaha XJ600s Diversion|

[Phoenix]

Don't know about your girlfriends problems, but you won't get an 85k mortgage on your salary, not the way things are now, even 2-3years ago you would've probably had to do the self-certification swindle.

Maximum borrowing is usually 3-5x your income, or at least it was I haven't looked for over 2years, so 72K would be absolute max. If you did do that you'd be putting a huge financial strain on yourself and if things go bad with your girlfriend you may end up stuffed.

[BBCTom]

Hi Vee,

It's much the same process of obtaining a mortgage on a sole income.

Is your GF ex living alone in the home?

If so, he has to prove that he can take over the remaining loan amount on his income alone, by the usual ways of providing income info. So you're GFs first port of call should be to contact the lender on her previous property and see what is outstanding and what kind of income would be needed to cover the remaining loan amount.

Lenders can be more flexible in these situations but as the economy is how it is at the moment, i'm not sure where they would stand.

Is your GF wanting to be bought out of the property - this would mean the ex would more than likely need to remortgage the whole property to release the money, which would obviously be difficult at the moment as again he would have to prove that he could afford the repayments on his income.

Theres lots of variables that influence how long this proces can take, so its probably best returning to your lender and seeking their advice, making sure you take along all info about your GF ex - income info, if he is living alone, living with another partner, on any benefits etc

I would advise to your GP to continue to pay her half of the mortgage payments whilst her name is on the house, the last thing she wants i it going against her.

I agree with Phoenix on your other issue, there is no way you will get a £85 grand mortgage on your income - a way around it, is maybe getting a guarentor who will say that if you should fall behind in repayments they will pick up the slack, but this is putting people in very difficult positions as you don't know what the future may hold. If you feel you have someone you can ask then this route may be worth exploring.

Hope this helps

Tom
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GSXR600 Corona Alstare SRAD + Race Tuned Aprilia SR125 see public bio for specs.

[LimehouseCBF]

Best thing to do would be to go into your bank and speak to your financial advisor, the way the market is going people are saying this is the time to buy houses, the banks have lowered interest rates and VAT has been reduced, these are the signs of hard times, but on the plus side most banks need that 'public interest', if everyone starts borrowing money and stop hording the economy will eventually balance in the next 2-3 years so you have plenty of time, best time to buy house is definitely in the next few months (or spend next few months saving a bigger deposit to show you are serious about buying the house)
Ben
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And on the 7th day the lord said..lets get pissed

[Robby]

[_Will_]

[BBCTom]

Sounds like you're both in a good position then and it shouldn't be too difficult. The next step is going to the lender and arranging all the necessary paperwork and hoping the ex isn't awkward and allows your GF to sign off the mortgage. I can't see that he will as he is being left with everything.

Hope it all gets sorted or you.

Tom
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GSXR600 Corona Alstare SRAD + Race Tuned Aprilia SR125 see public bio for specs.

[Kickstart]

[_Will_]

[The Shaggy D.A.]

[Irezumi aka Reuben]

[_Will_]

[Annabella]

As far as her release from the previous mortgage, if all is agreed and a settlement made it can take as little as four to six weeks. It's the effort leading up to it that takes the time.

The first thing she'll need to do, if she hasn't already, is change the type of ownership from joint tenant to tenants in common. This is really easy to do and just involves filling in a form for the land registry. Being a tenant in common means that she can release her half of the property freely (to any other party).

As Shaggy said (and here's my experience on it) provided her ex isn't a money grabbing, incompetant mathmetician, arrogant twit who thinks they know more about family and and property law than a specialist solicitor then it can all go very smoothly once her ex has the mortgage agreed.

My mortgage lenders had no issues with me taking over the mortgage. But I really, really would recommend your girlfriend going to see a specialist solicitor and getting a list of what she needs to do from them.
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[_Will_]

Well stage one is on the way, she has singed the agreement to transfer the mortgage and he has been approved to take it on, now all that needs to be done is solicitor confirmation.

Edit:
Well we've got that sorted, as for the flat - they can fook off.

Too many hidden charges for my liking (2.5k up front), 7.4%, yes thats right 7.4% bearing in mind the base rate will be 1.5% by the end of this week, the cheeky bare faced money grabbing wankers, which would be fixed for 5 years .

So i'm calling up about renting a house we looked at a little while ago, going to wait for the big crash now then my dad will buy something at auction outright.
I feel sorry for those not clued up, someone in my position thats not so aware, they'd be taken to the cleaners.
I mean they were trying to suggest a 40 year mortgage on 80 fucking grand, i made her do the math on 20 years and it was all of about 40 quid a month difference, the cheek of it, i'm not paying 20 years of pure interest thankyou very much.

A big to these companies.
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Past -Honda qr50 | 2004 Peugeot Tkr s 50| | 1996 Yamaha XJ600s Diversion|