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Clare, Solicitor
Category: Law
Satisfied Customers: 34908
Experience:  I have been a solicitor in High Street Practice since 1985 with a wide general experience.
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,i am self employed on low income although i can afford to

Customer Question

Hi,i am self employed on low income although i can afford to pay £695 a month on rent to a private landlord.
It is near on impossible for me to get a mortgage. the question is this :
my mother is getting ready to "pop off", getting her finances and wills sorted ,she has brought the family home,
is it possible for her to "give" the house to me and then for me to get a loan/remortgage on the house to pay her for it.The agreed price of house to me would be £130.000... worth £180.000.As the house would then be mine would i have any difficulties getting a loan / remorgage on house of £130.000, if the value of the house is £180.000.
Thankyou hope it made sesnse the way i wrote it !.
Submitted: 3 years ago.
Category: Law
Expert:  Clare replied 3 years ago.
Thank you for your question.
My name is Clare
I will do my best to help you but I need some further information first.
What have you been told is your current mortgage capacity?
Customer: replied 3 years ago.

At the moment i cant get a mortage.due to low income and low credit score.But by having the house ,would that not give me capital to get a loan against income is £8000 a year after rent.which obv, i wont be paying if i had the house.

Expert:  Clare replied 3 years ago.
Have you asked how much you could borrow in those circumstances?
If it is less than £130,000 would your mother be willing to allow you to purchase just a share of the property?
Customer: replied 3 years ago.

No i just get laughed at becouse of my low credit score and low income.Thats why i thought if i had the house in my name then i could loan on that , pay mum.she stays there until she pops off and i have a secure future...cant do half n half as .ost the money i pay her will be what she gives away in will.

I guess its not going to be as simple as that?.

Expert:  Clare replied 3 years ago.
No I am afraid not.
Whilst it will be easier to borrow funds once you are an owner of the property it is unlikely in the extreme that you will be able to borrow £130,000 or even close to that
I am sorry - please ask if you need further details