some help needed

perfectly_pathetic

hey there.

i'm new on here and would appreciate any advice anyone can give me.

my parents have fallen way behind with their mortgage repayments and the end of the mortgage is getting closer. they have no way of paying it off and are in danger of losing their house. they only owe eight grand but can't get a loan cos of their age and credit status.

i am now considering trying to get a mortgage myself and buying the house off them.

can anyone advise me as to whether this is worthwhile and let me know of naywhere that may be able to help me.

i would be extremely grateful

ppxx

JoeK_3

perfectly_pathetic wrote: »

hey there.

i'm new on here and would appreciate any advice anyone can give me.

my parents have fallen way behind with their mortgage repayments and the end of the mortgage is getting closer. they have no way of paying it off and are in danger of losing their house. they only owe eight grand but can't get a loan cos of their age and credit status.

i am now considering trying to get a mortgage myself and buying the house off them.

can anyone advise me as to whether this is worthwhile and let me know of naywhere that may be able to help me.

i would be extremely grateful

ppxx

1) You could help them to pay their mortgage until the £8,000 is paid off.
2) If you earning, you could buy their property off them.

Is there a preference?

JoeK

doitmyself

They've already got the loan, it's called the mortgage! What's changed? Is there some benefit available to them?
This is quite possibly a simple one to resolve and shouldn't probably require you taking out a loan or buying the house off them (don't know how that would work exactly).
Could be, hopefully is less of a problem than you think. Don't go for the most complicated option first!

perfectly_pathetic

JoeK wrote: »

1) You could help them to pay their mortgage until the £8,000 is paid off.
2) If you earning, you could buy their property off them.

Is there a preference?

JoeK

ideally, i'd like to just help them pay it off but unfortunately, i would have to find the money in about two months and i can't see that happening at the mo. they're going to speak to the mortgage people and see if there's any way of extending it and maybe write it over to me (don't even know if that's possibvle) but at the moment i am holding out little hope.