Complex Mortgage Situation

Alexadmits

Good evenin'

The situation

Last August, I spotted a flat that was up for sale as a re-possession but there was no management company in place. It was priced for £55k, having paid off all my debt I had no savings for a deposit but more importantly as there was no management company no mortgages were available for it.

I was able to raise most of the equity through my mum's house, and I went on my mums mortgage. However during the buying of the repossession got gazumped and had to put extra in through use of overdrafts.

The block now has a management company, and the flat has gone up in value. Some others nearby are valued at £100k, but realistically I would put a value of £85k on it.

The problem

My mother is now not working and although still able to make the payments of her share circa £350, I am unsure as to how much longer she can carry this on. My share is £420 a month over 18 years but at a higher rate of 5.99% as it was additional borrowing and there is approx £52K left on mine.

I know that in order to get the best value I should move the mortgage but this complicated by the fact that I have around 13k unsecured debt outstanding which is causing the problem of trying to move it although I have around £300 per month spare ( this is what I am putting to off set my debt).

I want to avoid consolidating my debt if possible, but wondered if anyone has come across this problem previously or has any ideas how best to solve this conundrum

Thanks for reading

getmore4less

has any ideas how best to solve this conundrum


Sell.

edit: then help your mum

HappyMJ

I'd sell as well. You have made £30,000 in 1 year in a poorly performing market. You can clear your £65,000 of debt and have £20,000 cash left.