Short term answer to short term problem???

Mustbeananswer??

Mortgage deal with Santander ends December...it was quite a juicy rate.Interest only....House value £125,000.....Mortgage £61,000.


£20,000 of short term expensive debt to clear up.Mums house going on market as now needs sheltered housing....my share £100,000...very desirable property....will sell quickly..


Can I use that potential windfall to negotiate a decent remortgage.Fairly low income....circa 20k....but obviously not gonna do a bunk!!:beer:

kiddakidda

I'm not sure they will negotiate on a potential windfall. Wait until you get your inheritance and pay off your expensive debt that way. In the meantime see what deals your lender will offer, with a 20k income you should still be able to re-mortgage.

Good Luck.

Thrugelmir

Mustbeananswer?? wrote: »

Can I use that potential windfall to negotiate a decent remortgage.Fairly low income....circa 20k....but obviously not gonna do a bunk!!:beer:

Not the way the world works. Why not use your windfall to become debt free?

Mustbeananswer??

Eventually becoming debt free is obviously my eventual intention....then i'll have a mortgage free asset worth £130,000....

Thrugelmir

Mustbeananswer?? wrote: »

Eventually becoming debt free is obviously my eventual intention....then i'll have a mortgage free asset worth £130,000....

With a £100k you've the opportunity to set yourself up for life.

Fruit_and_Nut_Case

How is the OP going to get (some of) the proceeds of the sale of Mum's house? Won't Mum need that to pay for the sheltered housing? Or have I read this wrong? I see a potential Deprivation of Assets problem.

Mustbeananswer??

Early days yet....Dad left Mum a great Pension and she has her state pension on top.Mum is priority...she has been very ill...sheltered housing is really good for Mum....I hope she lives another 20 years.