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How can I keep my property?
Comments
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Why, would it have to be on repayment?
I didnt think the OP would be rushing for another interest free mortgage and poor repayment vehicle....looks like security was needeD!
Quick calc on the calculator at say 4% over ten years £125K would mean about £1260 a month repayment OP. If you can cover in that region (and bearing in mind they could go up, then you're ok, assuming you can overpay like mad in next five to reduce the risk.0 -
£1260 a month, no chance!! I think overpaying in the next 5 years is my only hope.0
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£1260 a month, no chance!! I think overpaying in the next 5 years is my only hope.
That's precisely why I asked helencbradshaw why it had to be on repayment, would suggest i/o, overpay where you can, and accept that ultimately you may have to downsize or do an equity release mortgage if you cannot extend long enough.I am a mortgage adviser.You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
Anyone lined up to inherit the property?
Do they want it?
I would be able to prove the ability to pay.
pay how much?0 -
getmore4less wrote: »Anyone lined up to inherit the property?
Do they want it?
I would be able to prove the ability to pay.
pay how much?
It doesn't matter, what he can proove, it will have to fit the lenders affordabilty model, it that says no, he can proove till he's blue in the face, it won't do anygood.
They will now assess, on your income going forward, i.e. pension income, and depdending on the term, may accept your business income, if you intend to continue working.I am a mortgage adviser.You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
That's precisely why I asked helencbradshaw why it had to be on repayment, would suggest i/o, overpay where you can, and accept that ultimately you may have to downsize or do an equity release mortgage if you cannot extend long enough.
I am a traditionalist, and i assumed the Op was too..I assumed if they wanted to give away part of the home they would just downsize in the first place...but they are dead against that!0 -
getmore4less wrote: »Anyone lined up to inherit the property?
Do they want it?
I would be able to prove the ability to pay.
pay how much?
We have 2 boys who would inherit the property but they are well set up themselves and would rather see us happy.0 -
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