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potentially mortgage free in 5 year
d4gl15h
Posts: 38 Forumite
hi there i need some advice in what to do, here is the story............
i lost my mam due to the deadly c last oct and she had put money in place for me to pay off my mortgage as i was only on a temp contract at work, any way the mortgage never got paid due to my step dad twisting a bit and leaving outstanding sums to be paid from my mortgage funds.
my mortgage was only 50k to start with she had put 45k away for me and now i am basically left with £23500 locked in a bond and when it matures i will have a straight £24000.
now my house is actually in my parents names and i just pay the payments each month the loan is against there house not mine so technically my house is mortgage free! we are currently going through the process of getting the deeds put in my name so i then can remortgage the property paying off the loan against my parents house and me being responsible for the house and payments.
now this is were i am stuck, initially i was going to borrow the full 46 needed to pay the house off and leave my inheritance locked in bonds and hope to pay the house off in half the mortgage term which was going to be 11 year.
now i am thinking would it be better to add my 24k into my mortgage meaning i would only be remortgaging for 22k instead of 46 meaning i would actually only have a mortgage for 5 year??
i am also needing my kitchen and some other bits around my house done and was considering taking out extra on the mortgage to get this work done its about 10k in total of work needed done windows,kitchen,loft bedroom ect which would mean i would have to remortgage for 33k but meaning my mortgage term would be about 7 year.
now i know some ppl will say i am in a good position as i could only have a 7 year mortgage but to be fair i don't want to stay in this house for 7 year as we have a boy 19 month and a girl 6 month sharing a room and extending is not an option as i want minimal outlay on this property as possible and only want to do the necessary work needed.
what would you guys do ?? my mam would usually be the one to advise me about this stuff but she aint here no more so i am turning to you guys for help
thanks in advance
i lost my mam due to the deadly c last oct and she had put money in place for me to pay off my mortgage as i was only on a temp contract at work, any way the mortgage never got paid due to my step dad twisting a bit and leaving outstanding sums to be paid from my mortgage funds.
my mortgage was only 50k to start with she had put 45k away for me and now i am basically left with £23500 locked in a bond and when it matures i will have a straight £24000.
now my house is actually in my parents names and i just pay the payments each month the loan is against there house not mine so technically my house is mortgage free! we are currently going through the process of getting the deeds put in my name so i then can remortgage the property paying off the loan against my parents house and me being responsible for the house and payments.
now this is were i am stuck, initially i was going to borrow the full 46 needed to pay the house off and leave my inheritance locked in bonds and hope to pay the house off in half the mortgage term which was going to be 11 year.
now i am thinking would it be better to add my 24k into my mortgage meaning i would only be remortgaging for 22k instead of 46 meaning i would actually only have a mortgage for 5 year??
i am also needing my kitchen and some other bits around my house done and was considering taking out extra on the mortgage to get this work done its about 10k in total of work needed done windows,kitchen,loft bedroom ect which would mean i would have to remortgage for 33k but meaning my mortgage term would be about 7 year.
now i know some ppl will say i am in a good position as i could only have a 7 year mortgage but to be fair i don't want to stay in this house for 7 year as we have a boy 19 month and a girl 6 month sharing a room and extending is not an option as i want minimal outlay on this property as possible and only want to do the necessary work needed.
what would you guys do ?? my mam would usually be the one to advise me about this stuff but she aint here no more so i am turning to you guys for help
thanks in advance
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