MSE News: Ombudsman warning on interest-only mortgage debts

Thrugelmir

RenovationMan wrote: »

We won't be selling, at least not in my parent's lifetime (what a depressing thought) and we arranged this mortgage on the basis of having my parents share the house and there wasn't a problem.

There was more hassle about the age of the property (1750's), it's listed building status and its location in a conservation area than anything about mortgage affordability, tenancy status or other financial issues. Insurance was a nightmare to source.

I wasn't referring to selling. Remortgaging will also be impacted as sitting tenants will reflect in the valuation.

Sounds an interesting project. Hope that its successful.

RenovationMan

Thrugelmir wrote: »

I wasn't referring to selling. Remortgaging will also be impacted as sitting tenants will reflect in the valuation.

Sounds an interesting project. Hope that its successful.

Thanks Thrugelmir. I'm aiming to document a lot of the project in a blog I've just set up on the MFW board and I hope you'll pop in from time to time. Although the blog will primarily cover the challenge to get the mortgage down, I also intend using MSE moneysaving ideas to reduce my outgoings and to try and get the construction costs down (I imagine I'll be spending some time in the DIY MoneySavers section). There may even be photos of me holding a two by four and scratching my head.