Mortgage complications - advice needed.

[soprano]

Just giver her the money to pay the mortgage. Transfer it to her account. So long as she is not in arrears there is not a great deal they can/will do. Why would you gifting your sister money be a breach of the mortgage terms? I don't understand.

[soprano]

euroboy said:

soprano said:

Just giver her the money to pay the mortgage. Transfer it to her account. So long as she is not in arrears there is not a great deal they can/will do. Why would you gifting your sister money be a breach of the mortgage terms? I don't understand.

Yup like I said we are NOT allowed to do that.

They will only assess the mortgage on her taxed income from her employer.

Yep I read the post. I don't think Northern Rock are correct in what they say, unless you are applying for a new mortgage? If she is just continuing with the old one it has nothing to do with them that you gift her money.

[soprano]

euroboy said:

soprano said:

euroboy said:

soprano said:

Just giver her the money to pay the mortgage. Transfer it to her account. So long as she is not in arrears there is not a great deal they can/will do. Why would you gifting your sister money be a breach of the mortgage terms? I don't understand.

Yup like I said we are NOT allowed to do that.

They will only assess the mortgage on her taxed income from her employer.

Yep I read the post. I don't think Northern Rock are correct in what they say, unless you are applying for a new mortgage? If she is just continuing with the old one it has nothing to do with them that you gift her money.

I can only tell you what they tell us - we called and they expressly stated that I cannot gift her the money so that she can then afford the mortgage. I completely agree with you that its none of their business - but this is the situation we find ourselves in!

Its not a new application - just a transfer of one 1/2 of the mortgage from her ex-boyfriend to me.

I think that is your problem - it is effectively a new mortgage. Can you not just leave it as it is until the property is sold? Will her ex boyfriend take issue with this?

[soprano]

euroboy said:

soprano said:

euroboy said:

soprano said:

euroboy said:

soprano said:

Just giver her the money to pay the mortgage. Transfer it to her account. So long as she is not in arrears there is not a great deal they can/will do. Why would you gifting your sister money be a breach of the mortgage terms? I don't understand.

Yup like I said we are NOT allowed to do that.

They will only assess the mortgage on her taxed income from her employer.

Yep I read the post. I don't think Northern Rock are correct in what they say, unless you are applying for a new mortgage? If she is just continuing with the old one it has nothing to do with them that you gift her money.

I can only tell you what they tell us - we called and they expressly stated that I cannot gift her the money so that she can then afford the mortgage. I completely agree with you that its none of their business - but this is the situation we find ourselves in!

Its not a new application - just a transfer of one 1/2 of the mortgage from her ex-boyfriend to me.

I think that is your problem - it is effectively a new mortgage. Can you not just leave it as it is until the property is sold? Will her ex boyfriend take issue with this?

How do you mean? The forms we filled in were called something along the lines of 'transfer of appointee' or somesuch, I cant quite remember and I dont have docs infront of me.

Im not quite sure what you mean by 'leave it until its sold' - we dont want to sell the house, but if NR wont let me take over 1/2 the mortgage or gift her the money then she will have to - and then its too late anyway.

Thanks for the help so far - im thinking that the only likely solution is to find a mortgage company specialising in purchases for people salaried outside the UK (with oil rig workers etc it must be a fairly common problem?)

Sorry I thought you said in your first post that the property would be going on the market soon? My suggestion was to leave the mortgage in the names of your sister and her ex boyfriend until that time.

Although you are not applying for a new mortgage as such, if you wish to transfer it to your own name, you are effectively being reassessed and thus they will take into account your finances/circumstances. So you are correct in that if you want a mortgage in the name of yourself and your sister you will need to find another lender that will allow your salary to be considered.

If sale is the only option you can keep the mortgage in your sister and her ex's name until such time as its sold. He is unlikely to disagree, as he is liable for the full mortgage sum due. If she doesnt pay and its repo'ed he will still be liable for what will probably be a shortfall (as it won't achieve market value).

If it remains in both of their names and you help her to pay until its sold it will be of benefit to all parties (expcept you I guess!) in that you can sell privately at market value.

[Tuscanless Ali]

You could try asking Northern Rock again, as from yesterday they are now offering a remortgage to EXISTING customers.

[GT03ROB]

It was a long time ago, early nineties, but I had no problems with a mortgage despite being non-resident. Didn't go to a specialist, just one of the high street banks. I'd shop around if I were you.

[scotal]

Tuscanless Ali said:

You could try asking Northern Rock again, as from yesterday they are now offering a remortgage to EXISTING customers.

Not to all existing customers. Only those who fit criteria.

[Tuscanless Ali]

scotal said:

Tuscanless Ali said:

You could try asking Northern Rock again, as from yesterday they are now offering a remortgage to EXISTING customers.

Not to all existing customers. Only those who fit criteria.

It's a start though and since NR have done a U turn, there is no harm in asking again.

[scotal]

Tuscanless Ali said:

scotal said:

Tuscanless Ali said:

You could try asking Northern Rock again, as from yesterday they are now offering a remortgage to EXISTING customers.

Not to all existing customers. Only those who fit criteria.

It's a start though and since NR have done a U turn, there is no harm in asking again.

I doubt that. NR are offering new deals to existing customers coming to the end of their fixed rates. They've said no to euroboy's sister on the basis that he's paid abroad.

I think EB paying his sister so she can afford the monthly repayment is the easioest way forward. Have to be a bit careful about the ex though, as he will still own half the house.

[thinfourth2]

Employ sister as a part time researcher at £350 a month?


It would work for an MP

[Tuscanless Ali]

scotal said:

Tuscanless Ali said:

scotal said:

Tuscanless Ali said:

You could try asking Northern Rock again, as from yesterday they are now offering a remortgage to EXISTING customers.

Not to all existing customers. Only those who fit criteria.

It's a start though and since NR have done a U turn, there is no harm in asking again.

I doubt that. NR are offering new deals to existing customers coming to the end of their fixed rates. They've said no to euroboy's sister on the basis that he's paid abroad.

I think EB paying his sister so she can afford the monthly repayment is the easioest way forward. Have to be a bit careful about the ex though, as he will still own half the house.

You know what you are talking about, but I was basing my opinion on the fact that I had a mortgage with NR up until last Thursday, Month before my fixed rate came to an end I called to see if I could re-mortgage with them and was told that they were not offering a remortgage to existing borrowers, no matter what there circumstances were. No biggie for me, I got a far better deal with Abbey National.

[scotal]

euroboy said:

They have told us there is no way to 'gift' the money and legally 'take over' the mortgage - theres no way I am paying for 1/2 if the ex retains half the ownership!

I guess know we have to look for ex-patriate friendly mortgage brokers.

Well if you want someone to run through it with you, drop me a line, s'what I do.

[scotal]

YHM.

[Road Pest]

Not too up on the law here but if the mortgage can't be transfered would a court order be the best step to settle the finances at this point so the ex doesn't have any stake in the property any longer.

[bogwoppit]

Sorry to hear of your sister's experience. Perhaps too late for you, but because I work for a European organisation I also am paid in a strange way (e.g. don't pay my tax to HMRC). The first lender I approached could not get their head around it and thought I must either be self employed or non-UK domiciled, but the Co-Op had no problem whatsoever and took my contract and payslips at face value.

You would probably have had more luck remortgaging with a different lender.