Mortgage and Ill Health

mejulie1971

Hi my father is currently poorly and in hospital. MY parents have just over two years left on their mortgage and owe just over £15,000. My dad does not get paid sick pay from work just Statoury pay so they have converted there mortgage to interest only for the time being until we know whether he is able to return to work. My parents are extremely worried that they will lose their home if my dad is not able to return to work as they will struggle to pay this debt. Your help and advice would be appreciated thank you

Thrugelmir

Arrange for you mother to speak to the lender as soon as possible.

Various options should be available such as extending the mortgage term.

I'm sure you'll find the lender sympathetic in view of the circumstances.

Longer term you'll need to weigh up the options available for your parents.

Burridge60

Hi Julie

It is vital that the monthly payments continue to be made and I think you are aware of that from the tone of your enquiry. As Thrugelmir says it is important that your mother opens a dialogue with the lender to make them aware of the situation but as they are now on interest only you have probably also done this.

You might also like to find out what benefits are available to your parents through the DWP. If your parents are close to retirement age it would also be worth assessing what income they might be entitled to if your father is unable to return to work. You can get State Pension forecast on line and he may have been a member of a pension scheme now or in the past.

Radiantsoul

I suspect there is a lot of equity and the amount left to repay is quite small. I think it is likely a lender will be sympathetic.

mejulie1971

Thank you spoken to mum we are going to ring mortgage company. Mum and dad dont owe that much so fingers crossed they will not lose there home. Thanks for you help

Julie

poppy10_2

It's extremely unlikely that they will lose their home. Relax, and keep in touch with the mortgage company to let them know of the situation.