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  • FIRST POST
    • MrsM15
    • By MrsM15 11th Jul 17, 2:17 PM
    • 1Posts
    • 0Thanks
    MrsM15
    Widower mortgage crisis.
    • #1
    • 11th Jul 17, 2:17 PM
    Widower mortgage crisis. 11th Jul 17 at 2:17 PM
    Please help!
    My mum is about to pass away and my brothers and I are trying to sort my father's finances out as my mum handled them solely and secretly.

    The have a mortgage which is interest only and is due to end in 7 years. The balance is still £90,000 and he has no savings.

    The problem is he's in a right pickle. My brother has enquired into another mortgage but apparently he is struggling to find one. He has decided our only option is for him to buy it at half the price. Is there anyone that could help me please.
Page 1
    • TonyMMM
    • By TonyMMM 11th Jul 17, 2:42 PM
    • 2,413 Posts
    • 2,587 Thanks
    TonyMMM
    • #2
    • 11th Jul 17, 2:42 PM
    • #2
    • 11th Jul 17, 2:42 PM
    Who owns the house now ... mum , dad or mum & dad ?

    If they both do is it as joint tenants or tenants in common ?

    When this mortgage was taken out, what was the plan for repaying the capital ? Is there any insurance in place ?

    House value now ?

    Has your mother made a will - who is the executor named as ? What is the value of her estate likely to be ?

    Selling to your brother for half the value is not a good idea (except for your brother potentially) - how does that pay back the £90k ?
    Last edited by TonyMMM; 11-07-2017 at 2:55 PM.
    • ACG
    • By ACG 11th Jul 17, 4:21 PM
    • 15,219 Posts
    • 7,695 Thanks
    ACG
    • #3
    • 11th Jul 17, 4:21 PM
    • #3
    • 11th Jul 17, 4:21 PM
    Selling the house for half the mortgage balance in the hope the debt is written off by the lender is a VERY risky strategy - that is what I am assuming you are thinking, but I could be reading it wrong.

    I think the most important question is whos name is the Mortgage in - mum and dad or mum or dad.
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
    • AnotherJoe
    • By AnotherJoe 11th Jul 17, 4:25 PM
    • 7,042 Posts
    • 7,511 Thanks
    AnotherJoe
    • #4
    • 11th Jul 17, 4:25 PM
    • #4
    • 11th Jul 17, 4:25 PM
    Please help!
    My mum is about to pass away and my brothers and I are trying to sort my father's finances out as my mum handled them solely and secretly.

    The have a mortgage which is interest only and is due to end in 7 years. The balance is still £90,000 and he has no savings.

    The problem is he's in a right pickle. My brother has enquired into another mortgage but apparently he is struggling to find one. He has decided our only option is for him to buy it at half the price. Is there anyone that could help me please.
    Originally posted by MrsM15
    Why ???????
    • csgohan4
    • By csgohan4 11th Jul 17, 6:39 PM
    • 3,633 Posts
    • 2,271 Thanks
    csgohan4
    • #5
    • 11th Jul 17, 6:39 PM
    • #5
    • 11th Jul 17, 6:39 PM
    Why ???????
    Originally posted by AnotherJoe
    So he can benefit solely at a cheap price too
    "It is prudent when shopping for something important, not to limit yourself to Pound land"
    • silvercar
    • By silvercar 11th Jul 17, 8:28 PM
    • 35,659 Posts
    • 150,281 Thanks
    silvercar
    • #6
    • 11th Jul 17, 8:28 PM
    • #6
    • 11th Jul 17, 8:28 PM
    MrsM15, sorry you are joining MSE forum at such a difficult time in your life and with such a difficult predicament.

    My initial thoughts would be to put this out of your mind for a few months and concentrate on those nearest and dearest to you, a few months won't matter in the scheme of things. Also your father may have different ideas about living in the house over the next year. It may be just as well to take stock in a few months time than rush to make decisions now.
    Even if in a few months time the property ownership is not as you all would have desired, you can make a deed of variation to a will (indeed even if there wasn't a will) to change the ownership to suit the situation that then presents itself.
    I'm a Board Guide on the Debate House Prices & the Economy, House Buying, Renting & Selling, Mortgages and Endowments, In My Home incl DIY, Overseas Holidays & Student boards.
    I'm a volunteer to help the boards run smoothly, and I can move and merge threads there. Board guides are not moderators and don't read every post. If you spot an abusive or illegal post then please report it to forumteam@moneysavingexpert.com. Any views are mine and not the official line of moneysavingexpert.com.
    • tlc678910
    • By tlc678910 14th Jul 17, 10:29 PM
    • 466 Posts
    • 855 Thanks
    tlc678910
    • #7
    • 14th Jul 17, 10:29 PM
    • #7
    • 14th Jul 17, 10:29 PM
    Hi,
    Sorry to hear about your situation.
    As mentioned above was there any insurance policy designed to pay off the mortgage (if you don't know looking at bank statements for direct debits you don't recognise/ insurance companies is a starting point).

    Was your mum in work or claiming a pension? Had she paid into a pension in the past? A pension not yet claimed may offer a lump sum or a pension in payment may offer a half pension for a spouse.

    I agree with the poster that at the current time this is not immediately urgent so concentrate on your mum and dad and take your time to help your dad consider all options. If your dad can continue to pay the mortgage, perhaps with the help of you and your siblings that will be the main thing for now.

    Tlc
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