Interest Only Mortgage - Help..

The_J

You're looking at around 2 grand a month for a repayment mortgage if it is 131k but this will increase significantly for any delay hence the need to sort out asap. If she has no lump sums headed her way in the future it will be tough.

Financial advice needed but she sounds like a feisty one so I'm not sure how much luck you'll have.

nickj_2

if it was an endowment that it should have paid the mortgage when your dad died . if it was what happened to the pay out , if it didn't pay out what is it worth aqnd what will the shortfall be when it matures

Locana

If it was an endownment, maybe it was one for the original house they bought in the eighties? I remember years ago they took out a mortgage for 33,000 and I think thats how much was paid out to her when my Dad died last year, so maybe the 40k gap was the original mortgage etc.. Im not sure if Im making sense!

Two grand a month, she doesnt even earn enough so thats a no then. There are no lump sums coming her way so better get talking to financial advisors. I could save the 131k, using my 80k and saving the rest. I can happily save £1500 pcm, I have no other outgoings except rent and internet, but that means I wont be able to buy somewhere for 8 years or so.. Nah, I may sound selfish, but I just cant do that..

So the only real option is selling now, pay off the balance and buy somewhere with the remaining money. I know what she will say though...

Thanks for all your help, just wish there was someway to keep the house, sentimental and all that...

Thanks
Lo

Dave_Ham

Everyone is trying to help, but the information is just too vague and we are just speculating. I know this is not your issue and you are trying to help but you need to get all the paperwork, Mum and Sis in front of someone qualified who knows what they are doing.

If this £40k was an endowment that paid out on Dad's death and Mum spent then the mortgage will still be £91k and not £131k.

If a decent advisor saw you all as a client, I could almost guarantee you can get a new home and keep the family home for Mum. What that solution would be I do not want to speculate further..

Ok, happy to help with mortgage advice, but all of these ways to talk about partners is crazy and someone needs to help me out now..

I get OH is other half, assume BH is better half but what on Earth is DD apart from the obvious that is not the case here...!!

Locana

DD is darling daughter! Looool!

Thanks for your help, so the £40k is repayable when? Cause my mum always said that there is a shortfall.. I think I'll chat to her tomorrow night, see what really is going on.

Thanks all, been really helpful!

Lo

Dave_Ham

My goodness - almost like another language, I must be getting old...

Cant say until we know what it is and on what terms.

Get all the paperwork and give us as much detail as possible and will try. Still think a face to face locally with someone will be well worth the small amount they may charge...

Good luck though..

Locana

Thanks so much, will do..

Thrugelmir

The_J wrote: »

No it's not the only way, Thrugelmir doesn't know anything about mortgages and advocates a 0 risk policy in his advice. He wants us all to live in padded cells and eat only pulped food to avoid choking.

Personally I would happy for you to choke. As this post adds absolutely nothing to the OP's post. Suggest you google the work respect, followed by manners. Both of which you obviously are lacking.

I can recommend a good keyboard warrior course that will improve your skills as well. As they currently lack a certain finesse.

Sorry that you weren't unable to rile me. If that was your intention. But you don't even register on the scale of individuals that I've had the misfortune of crossing paths with.