Mortgage Advice

aftabn10

Hi, i am looking for some advice in regards to my parents mortgage. Unfortunately my father passed away 8 weeks ago and the property has now been transferred into my mothers name.

Currently i am not sure what to do as my mother has no income and whilst my father was alive I was helping to pay the mortgage. I have now come to find out that the mortgage is on interest only with 125k outstanding with 15 years left to clear.

At present the interest only payments are at an affordable rate as I also have my own property with 130k left with my wife. My mum would like to keep the house but when changing this to repayment the payments are quite high and unaffordable for me at present so i am not sure what to do..

Any advice would be really appreciated.

ACG

Can your mum not work to help with the repayments? If not, and you cant afford the higher payments then i dont think there is a lot you can do apart from remain on the interest only for now and overpay when possible or look to downsize once everything is more settled.

Ive edited this post as i realised i was a bit harsh under the circumstances - sorry.

ylesia

Hi and sorry for you loss.

I know there are benefits available to help with mortgage payments eg. my parents had the interest paid on there mortgage (subject to certain caps) when my dad had to retire due to ill health. I don't know what income your mum has but she may be entitled to help with the interest part of the mortgage. Having said that I am not sure if the mortgage provider will be happy with your mum taking on the mortgage if she can't afford it?

I know hindsight is a wonderful thing but cases like this is exactly why life cover is so important

I hope you can find a solution.