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  • FIRST POST
    • heidiprincess13
    • By heidiprincess13 26th Sep 17, 6:28 PM
    • 110Posts
    • 8Thanks
    heidiprincess13
    Mortgage term ending
    • #1
    • 26th Sep 17, 6:28 PM
    Mortgage term ending 26th Sep 17 at 6:28 PM
    Hi all. My mums mortgage ends in July 2018 and she will owe just under £60,000. (Repaying interest only)

    What are her options as she is worrying about this. She is 79 years old.

    The mortgage was in her and her husbands name. Unfortunately he died 10 years ago and she has not informed them as she was worried she would lose her home.

    What will happen in July? Will they make her move, sell? Will hey extend the term?

    She is not in good health as it is and this is a huge worry
Page 1
    • ACG
    • By ACG 26th Sep 17, 6:32 PM
    • 15,535 Posts
    • 7,880 Thanks
    ACG
    • #2
    • 26th Sep 17, 6:32 PM
    • #2
    • 26th Sep 17, 6:32 PM
    I am assuming no repayment strategy in place?

    Who is the lender?
    How much is her home worth?
    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.
    • heidiprincess13
    • By heidiprincess13 27th Sep 17, 6:30 PM
    • 110 Posts
    • 8 Thanks
    heidiprincess13
    • #3
    • 27th Sep 17, 6:30 PM
    • #3
    • 27th Sep 17, 6:30 PM
    No repayment strategy

    Lender is TSB

    Home is worth £400,000
    • kingstreet
    • By kingstreet 27th Sep 17, 6:37 PM
    • 32,081 Posts
    • 17,170 Thanks
    kingstreet
    • #4
    • 27th Sep 17, 6:37 PM
    • #4
    • 27th Sep 17, 6:37 PM
    So she's carried on paying the interest for the last ten years?

    What's the current rate?
    I am a mortgage broker. 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. Please do not send PMs asking for one-to-one-advice, or representation.
    • heidiprincess13
    • By heidiprincess13 5th Oct 17, 11:44 AM
    • 110 Posts
    • 8 Thanks
    heidiprincess13
    • #5
    • 5th Oct 17, 11:44 AM
    • #5
    • 5th Oct 17, 11:44 AM
    So she's carried on paying the interest for the last ten years?

    What's the current rate?
    Originally posted by kingstreet
    I'm not sure, it's just the interest being paid, just wondering what her options are next year as there will be about £50,000 outstanding???

    She is so worried and I'm stuck on where to go for help
  • National Debtline
    • #6
    • 5th Oct 17, 12:05 PM
    • #6
    • 5th Oct 17, 12:05 PM
    Hi Heidiprincess,


    She could talk to the lender about extending the term. They are unlikely to do this as a formal re-mortgage as your mum has already gone past retirement age, however they may consent to extend the term informally for a short time.

    She could look into possible equity release, but it would be important for her to get some independent financial advice about the benefits and risks of this. She could also see if a family member was able to re-mortgage the house in their name and then let her continue living there; but she would've effectively sold the house to them so she would need legal advice on this. And the last option is to sell.


    I appreciate that is something she wants to avoid but the mortgage is due on the date the term expires. If she does not have this money then the bank can take repossession action. Most banks are understanding in these situations and give people some flexibility with time, but that is at their discretion. Good luck,


    Laura
    @natdebtline
    We work as money advisers for National Debtline and have specific permission from MSE to post to try to help those in debt. Read more information on National Debtline in MSE's Debt Problems: What to do and where to get help guide. If you find you're struggling with debt and need further help try our online advice tool My Money Steps
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