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Repayment Morgage Advice Please
Twiglet0309
Posts: 102 Forumite
My Mother in Law remortgaged a few years ago and is now terminally I'll in hospital and her Son is applying for Power of Attorney with her consent. The facts are these
She took out an endowment Morgage but didnt bother with an endowment
The current Morgage ends in 2.5yrs
Flat is worth £120k Morgage is for £33k
She is probably not going to see Christmas
My question is, when she dies, will the Morgage company allow time to sell her flat as she has no endowment to pay it?
She took out an endowment Morgage but didnt bother with an endowment
The current Morgage ends in 2.5yrs
Flat is worth £120k Morgage is for £33k
She is probably not going to see Christmas
My question is, when she dies, will the Morgage company allow time to sell her flat as she has no endowment to pay it?
0
Comments
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Hi there - Sorry to hear of your family's tough times.
Yes - the mortgage company will typically be sympathetic at a difficult time. They will not grant you an endless time though.
I am sure your Brother In Law is doing this already, but you will require legal advice as there are many other considerations at this point..I am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, 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 -
Thank you for the response. I have suggested once POA is in place that he contact the mortgage company, explain the situation and, as the flat is already on the market, and the repayments are up to date, they may allow us some breathing space.0
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