Complex Mortgage Problem?

happybroker

pgilc1 I wouldn't get into this if I were you, it will end with a stream of outrageous and abusive PM's like I had.

I posted them on the thread concerned and asked for an explanation but none was forthcoming.

I think you will be able to find a way to sort this, the bank won't run a mile if you ask them what they think. Parents taking an equitable charge and postponing it in favour of mortgage lender is another way of doing what you want maybe.

Good luck with it.

getmore4less

I think you have a catch 22.

The parents allready can protect their life interest by just owning the place it was/is their land and money that paid for it.

As soon as you want to raise money against the property I think you will have difficulty with anyone having a life interest that is not party to debt.

You probably could get borrowing with all of you party to the mortgage but then a repo could kick you all out.

ILW

Why not just sell the existing house and pay back the loan. It seems pretty unlikely that house prices are going to increase much above inflation for a while so waiting for an big increase in value is pretty pointless.

motorguy

ILW wrote: »

Why not just sell the existing house and pay back the loan. It seems pretty unlikely that house prices are going to increase much above inflation for a while so waiting for an big increase in value is pretty pointless.

The housing market for small / med detached houses in our area is totally depressed. We've had various agents out who say it would take 6 months even to generate an offer on the house, and that we'd have to let it go at a 'giveaway price' to get it away.

We're not inclined to do that.

The current status of our own house isnt really the issue. My wifes father has no real issue with us only paying back part of the monies at this stage.

The real issue is ensuring they feel secure that they have a home in their twilight years - hence the inclusion of clauses around life interest, etc.

motorguy

getmore4less wrote: »

I think you have a catch 22.

The parents allready can protect their life interest by just owning the place it was/is their land and money that paid for it.

They wont own the place though, the land and house is being signed over to us.

getmore4less wrote: »

As soon as you want to raise money against the property I think you will have difficulty with anyone having a life interest that is not party to debt.

I agree

getmore4less wrote: »

You probably could get borrowing with all of you party to the mortgage but then a repo could kick you all out.

We already have unemployment insurance in both our names that pays out decent sums if we are made redundant. We'll probably seek to upgrade that to critical illness insurance too. I guess thats as much as we can do really.

VIGILANT22

pgilc1

Thank God the solicitor is vigilant.............

motorguy

VIGILANT22 wrote: »

pgilc1

Thank God the solicitor is vigilant.............

What the f uck is your problem mate?

I've just looked at your previous posts on other threads and all you seem to do is post snide comments?

You sad sad person.

VIGILANT22

It is not me who has the "problem".....I would say it was you trying to "duck & dive"

motorguy

VIGILANT22 wrote: »

It is not me who has the "problem".....I would say it was you trying to "duck & dive"

Given the snideness of the majority of your posts on threads, you very obviously have a problem.


But I'll humour you for a moment - What makes you say i'm ducking and diving?

VIGILANT22

pgilc1 wrote: »

hmmm...oh one moment whilst I think.....could it have something to do with "trying" to attempt "advice" on an internet forum.........:rotfl: