Mortgage with abby/santander

tara1082

My mother has a interest only mortage at the moment with santander of £25,000 house is valued at 120,000 the term of mortgage runs out in 3 years and my mother has only £5000 of the capital that santander will want at the end of the term. She is 59 years old and has been really ill with breast cancer so only works part time now.
What will we have to do in 3 years when the term runs out ? can we re mortgage in 3 years? or will she struggle to get a mortgage because of her age or the fact shes been really ill with cancer.
Thanks for any advice in advance....regards

GMS

Sorry to hear about your Mum's illness.

What is your Mum's income? What were the plans to repay the capital?

What is your situation? Do you have a mortgage of your own? Property of your own? Income?

tara1082

GMS wrote: »

Sorry to hear about your Mum's illness.

What is your Mum's income? What were the plans to repay the capital?

What is your situation? Do you have a mortgage of your own? Property of your own? Income?

Hi thanks for the reply. My mums income now is around £400 per month part time she was planning on paying £5000 off and mortgage the £20k on repayment but that was when she was working fulltime and bringing in more than £1200 every month,my father died a while ago so she is on her own really and worried that santander will take her house if she cant pay the 25k. Thanks again for all your advice. regards

I dont have a mortgage i live with my partner in rented house. Work for matalan fulltime on around £900-£1100 per month.

tara1082

???Any advice?

Thrugelmir

Given that your mother is heading towards retirement. Perhaps consider moving to a cheaper property in the next couple of years.

With low income her options are very limited.

helpmeee

Quite tought if you cant come up with the 25k?

Does she have life insurance? otherwise would get her to downsize...

PBA

Most important thing: The bank will only try and take the house if they aren't being paid. As long as your mother's making the interest only payment every month the bank don't have anything to go to court for. In the long run she needs to speak to the Santander mortgage collections debt to arrange a long term solution, but she definitely doesn't have to have any worries about having her home taken from her.

Thrugelmir

PBA wrote: »

Most important thing: The bank will only try and take the house if they aren't being paid. As long as your mother's making the interest only payment every month the bank don't have anything to go to court for. In the long run she needs to speak to the Santander mortgage collections debt to arrange a long term solution, but she definitely doesn't have to have any worries about having her home taken from her.

You appear to be overlooking the fact the mortgage term ends in 3 years time.