Parents mortgage help needed please

Jamessals

Hi

My parents have around 25k left on an interest only mortgage that expires in 6 months. Due to their age the building society are not wanting to extend it.

Is it easier to have the property transferred to me and then I take out a mortgage on either my or their property. Or is there another solution.

Any help would be great thanks

Thrugelmir

If you can raise the finance to settle the debt this may be the easiest way of resolving the situation. Can your parents not make any contribution?

Jamessals

They might be able to take the debt down to 20k but that's about it. Personal loans aren't cheap of course so I was reluctant to go down that route. I suppose our lender might look at it if the affordability calculation stacked up ?

lr1277

There was an article on interest only mortgages for older people yesterday on Radio 4's money program (at noon).

It said a couple of building societies would look at such applications on a case by case basis. However they did say they might change their minds if they received a flood of application after the program.

If memory serves, it was the Harpenden and Buckinghamshire building societies. I would listen to the program to make sure.

Jamessals

Excellent thanks . There does seem to be options here. I can't post the link here but it's worth listening to Saturdays money box.