Any mortgage brokers there for advice? House will go up for sale tomorrow..... :-(

willing2learn_3

Dan_Collins wrote: »

However if you can prove income you may be able to remo and pay off the loans. However it will have to last until they are 70-75 and this may not cost a lot less.

You need a mortgage broker to look at this, but in this climate you may have to Pay a fee as it may not be a simple mortgage to arrange. You could try Halifax or C&G direct. DOes Dad have a pension?

Dad will have a pension when he's 65, he's 63 in a few months. Mum has a pension now.

It looks like it's possible to remortgage, what they are saying is it's not remotely attractive to them.....and i'm wondering are they missing something?

Thanks for your time! :-)

willing2learn_3

beingjdc wrote: »

You think it will fetch over 200k, and they have about 110k to pay off.

That gives them 90k cash to start with, before they need to consider a new mortgage.

Well they had an estate agent look at the house and he said it might have been worth 200,000+ but to get a sale in the current market they are looking at more like 175/180,000.....

They are still thinking, meanwhile there's the ever present threat of not being able to meet mortgage payments over the next few months.

Scared for them.

Thanks for listening.

willing2learn_3

With all this in mind.....and seeing that my parents might be selling, i'm wondering whether to re-investigate sell and rent back schemes.

If there's a reputable company out there, it would save my parents the upheaval of having to move.

sarkin

DO NOT DO SELL AND RENT BACK

Best bet sell and down size

willing2learn_3

Thanks sarkin

For some reason my parents don't seem to be thinking of downsizing. They keep saying it depends on how much money they have loeft after selling the house, paying off the debts.....

Now how i see it is that they have £115,000 to pay back - £49,000 to the original mortgage company and £66,000 to the loan company (for the loan borrowed against the house).

The house is going up for sale at around £190,000 (originally valued at £210,000).....if it sells at that then they get £75,000 back.

Now mum is saying it's more complex than that because the original loan company has put charges on top for court fees, making them owe a total of £130,000. That said these fees are going to be disputed, for a number of reasons that are too detailed to put down here (lets just say i got some legal advice at work and they have suggested reporting the company to the financial ombudsman for those fees).

If they do owe that amount though then that leaves them with £60,000. Then they have to pay £6,000 back to relatives who helped them out....and then there will be some late bills from recently but i don't expect that to amount to much.

Let's say they have £50,000 left.......and a bad credit rating......and at their age....are they likely to secure any type of mortgage for a smaller property of, say, £100,000..............and how would that work? Would it be worth their while? Dad really doesn't seem to want to be tied to a really heavy long term mortgage......he says downsizing wouldn't work.

If anyone can see a way that it could i'd be really grateful to hear your thoughts.....or even if you think it wouldn't, if you are able to explain things to me it would be really helpful.

I had something of a daft idea in the garden this afternoon. I don't really have a credit rating as such as i haven't been using credit cards, had a very small debt in the past but that was only for about 3,000....been paying it off regularly.

Would this be a really stupid idea? If i were to buy my parent's house from them, for about £150,000.......would a bank consider it worth it (to give me a mortgage) in view of the fact that the house is valued at £205,000? I don't earn a lot but am in secure full time employment. If i lived with my parents in the house, they could pay me rent which would pay my new mortgage and i would live off my wages and would even save........then if they did wish to move away, abroad or something they still could and i would then have to find someone else to rent........or sell? risky though? and probably impossible.....:rotfl: Just thinking out loud.

Thanks for any replies!

willing2learn_3

and the reason i've even had such a daft thought is because i have a dog, who lives with my parents while i work and because of the garden, etc.......if they go away, i've no idea what i will do with the dog. Rehoming him is not an option, he's all that i have.