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Top Other benefits topic #412

Subject: "morgage help with wage earner ?" First topic | Last topic
colinpost
                              

cab, cab
Member since
10th Apr 2005

morgage help with wage earner ?
Sun 10-Apr-05 11:10 AM

Is it possible for mortgage intertest help, when one person(of a 3 way mortgage and deed title)has moved away and is also the only wage earner?.
The remaining two named mortgagees, are OAPs on income support. Would have DWP suggested that only the two OAPs remain on the mortgage and the title deed, thus removing the absent 3rd person from the original contracts?

  

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Replies to this topic
RE: morgage help with wage earner ?, mike shermer, 11th Apr 2005, #1
RE: morgage help with wage earner ?, colinpost, 11th Apr 2005, #2
      RE: morgage help with wage earner ?, mike shermer, 11th Apr 2005, #3

mike shermer
                              

Welfare Benefits Officer, Kings Lynn & West Norfolk Borough Council, Kings l
Member since
23rd Jan 2004

RE: morgage help with wage earner ?
Mon 11-Apr-05 08:17 AM


Could you define "moved away" - in what respect? left the property permenently, disappeared? If it was a reasonably refined and friendly parting of the ways, then the two remaining occupiers may have a problem: are they a couple by the way?

It would be unusual for an official of the DWP to go out on a limb and start offering what is strictly speaking legal advice: besides which, removing someone's name (and therefore liability) from a mortgage is not as easy as it sounds, and normally entails buying the absent person's share in return for doing so: the amount paid would reflect the amount of equity in the property at that point, less legal and lenders fees etc.

  

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colinpost
                              

cab, cab
Member since
10th Apr 2005

RE: morgage help with wage earner ?
Mon 11-Apr-05 08:24 AM

moved away = moved out to marriy, and bought another house (though nane was npt on title dded of new house), not not sure about the new mortgage. The parting was less then than amicle, with the son taking the endowment and selling it !
(the oap couple are indeed husband and wife)

  

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mike shermer
                              

Welfare Benefits Officer, Kings Lynn & West Norfolk Borough Council, Kings l
Member since
23rd Jan 2004

RE: morgage help with wage earner ?
Mon 11-Apr-05 08:31 AM



Endowment - was it an inmterest only mortgage? if not, then they will have to find the capital in any event.

OK, next question then - are the couple receiving Guaranteed pen credit? are either of them getting AA/DLA - I take it you've done the complete ben calculation including the mortgage interest (the best way is using QB9, used by most CABs). If they still don't qualify for GPC, then they do have a problem.

  

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