relative's house at risk

themightypierre

A relative of mine has got herself in a situation with her mortgage and I need advice on how to help her. She has been paying an interest only mortgages for a number of years andShe is now being asked for the initial balance £15000. She no longer works as she is a full time carer for her mom who has advanced alzheimers.

She never made provision to pay off the mortgage (which clearly she should have). She did have an endowment which I am guessing she stopped paying into when she realised it would not clear the debt. She is apparently trying to take action on misselling of the endowment.

My more immediate worry is she is now faced with finding a sum of money she just can't afford to pay or borrow. Unfortunately we are all stretched to our limits also.


What can she do? Obviously we only found out about this today or we would have been acting sooner. The £15000 was due last week.

justjohn

Sell the house and move into rented accommodation ?


What age is she?

Was the endowment ever cashed in?(if the endowment was paid for a number of years it will have a surrender value)

Thrugelmir

themightypierre wrote: »

She did have an endowment which I am guessing she stopped paying into when she realised it would not clear the debt.

Even it wouldn't clear the debt entirely it would have at least settled part of the debt. So if there's no back up plan. The reason for cashing in was most likely for an entirely different reason.

Has anyone spoken to the lender?

Wh05apk

If the repayment was due last week, why has this been left so long?


Assuming minimal income, then the options are to sell, or possibly look at a lifetime mortgage type arrangement if she is old enough, unless anyone else can help her out financially or possibly going on the mortgage?