Good afternoon
I dont know if anyone can possibly advise. My mother is disabled and transferred her property to us two years ago, having got into a lot of debt. We took out a mortgage and cleared her debt but as we were in the process of moving, put a percentage of our borrowing onto her property to keep the loan to value on both properties at a low rate. We pay the mortgage and all was ok... except I changed job last year and my salary halved. We subsequently went on a debt management plan for credit cards. Both mortgages are up-to-date with no arrears or late payments.
My mum now wants to move. Her property isn't suitable for her as she now needs to use a wheelchair. She wants to buy something else but we are concerned that we wont be able to transfer the existing mortgage without a credit check. It was set up as a buy-to-let as we wanted her to move at the time into a rented warden-assisted property but she later changed her mind.
If my mum were to rent, Social Services have advised that she probably will not get housing benefit because the property was essentially gifted. Any equity from the sale would be returned to my mum so she could afford to rent privately for a year or two on the proceeds but I want her to have some security.
The mortgage is £60k and the valuation in 2011 was £100k. Others surrounding have gone for at least this though. It is unlikely she would get anywhere to live on the residual £40k if she even managed to sell the place. She is a compulsive hoarder and the current saleability is going to be reduced by the appearance.
We took the mortgage out in good faith because the attempts for CAB to set up a debt management plan seemed to go awry and creditors were getting very persistent.
Is there any schemes that could help her get a place with part buy/rent? She isn't going to have a good credit score because of the original debt issues.
She is 58.
Many thanks for any advice you can offer.
I dont know if anyone can possibly advise. My mother is disabled and transferred her property to us two years ago, having got into a lot of debt. We took out a mortgage and cleared her debt but as we were in the process of moving, put a percentage of our borrowing onto her property to keep the loan to value on both properties at a low rate. We pay the mortgage and all was ok... except I changed job last year and my salary halved. We subsequently went on a debt management plan for credit cards. Both mortgages are up-to-date with no arrears or late payments.
My mum now wants to move. Her property isn't suitable for her as she now needs to use a wheelchair. She wants to buy something else but we are concerned that we wont be able to transfer the existing mortgage without a credit check. It was set up as a buy-to-let as we wanted her to move at the time into a rented warden-assisted property but she later changed her mind.
If my mum were to rent, Social Services have advised that she probably will not get housing benefit because the property was essentially gifted. Any equity from the sale would be returned to my mum so she could afford to rent privately for a year or two on the proceeds but I want her to have some security.
The mortgage is £60k and the valuation in 2011 was £100k. Others surrounding have gone for at least this though. It is unlikely she would get anywhere to live on the residual £40k if she even managed to sell the place. She is a compulsive hoarder and the current saleability is going to be reduced by the appearance.
We took the mortgage out in good faith because the attempts for CAB to set up a debt management plan seemed to go awry and creditors were getting very persistent.
Is there any schemes that could help her get a place with part buy/rent? She isn't going to have a good credit score because of the original debt issues.
She is 58.
Many thanks for any advice you can offer.