Mortgage advice

somethingcorporate

I don't think the mortgage would be allowed to remain in your fathers name. It would probably have to be redeemed.

If insurance covers the secured loan then you may be able to mortgage the £45k remaining, but otherwise I think you will struggle.

tam2oo5

Hi Guys

Been to the lawyers today, and the she has advised me its totally legal that we meet the payments and the mortgage remains in my fathers name but at some stage in a couple of years we would need to swap the title deeds and apply for a new mortgage when im in better position.

She has advised me the i might be able to contact halifax and ask them if they could swap the mortgage to a interest only for a period of 2 years to allow me to graduate and get full time job.

we would need to pay the secured loan however with extra to cover arrears. So if things go my way we would have a total outlay of 545 per month for 2 years then review the situation again.

So going to make phone calls to both companys tomorrow and try and arrange this with them. Fingers crossed that halifax let us do this.

Thanks

ViolaLass

Do the bank know that your father is dead? If they do, I can't see that they would allow the loan to remain in his name - who would they chase if you defaulted? It's not up to the lawyer, it's up to the bank.

While I am sorry for your loss and I can understand why you would like to remain in the house, I don't think it's fair to say that if the bank doesn't let you do it, you would be homeless - you would have £30k each, plenty to rent somewhere else until you get a job.

tam2oo5

I know what your saying. Apparantly its not illegal to keep paying the mortgage. He passed away over a year ago and they have been asking us for the money each month, no mention of settling it out right. She is an property lawyer so i think she is right.

Plus if we defaulted then we would be in the same situation we are now - repossesion.

Hopefully tomorrow things go ok and maybe get to the keep the house and repay the debt.

patman99

I seem to remember reading something last year about a couple of the smaller lenders calculating a total mortgage based on how much you could afford to pay each month rather than on your salary. Might be worth phoning or emailing every lender you can find to see if any still do this.
Also, try to get the mortgage for the longest period you can.

ViolaLass

tam2oo5 wrote: »

I know what your saying. Apparantly its not illegal to keep paying the mortgage. He passed away over a year ago and they have been asking us for the money each month, no mention of settling it out right. She is an property lawyer so i think she is right.

Does the bank know your father is dead?

tam2oo5

Bank are well aware of the circumstances, this is in scotland by the way it could be different law from you guys down england.

Thanks for the advice i will call about everywhere aswell, will try every possible route available.

Thanks again