Mortgage taken out but Spouse passed away

zoedwyer13

I have a joint 7 year mortgage - capital and repayment with TSB for £220,000.00 which my husband and I took out in 2012. He died suddenly in 2013 and the house is now on the market for £850k but hasn't sold yet.

I am retired and don't have an income. I have money to cover the mortgage but im wondering what the best cost effective thing i can do it in this situation?

Thrugelmir

zoedwyer13 wrote: »

but im wondering what the best cost effective thing i can do it in this situation?

In what regard?

Depending on the level of savings you have. May be worth considering overpaying the mortgage to reduce the amount of interest you pay. Until the property finally gets sold.

getmore4less

WHat arrangement do you have with the mortgage

What rate are they charging interests still on repayment?

How long has it been on the market?

to reduce costs you need to reduce the rate, get them to freeze the interest or overpay.

whats it costing to run the place per month in total, interest, bills etc.
what will the costs be one sold(eg are you buying somewhere else )

if you will reduce the monthly costs then selling at a lower price may be the best option.

Iftheplace is too big for you you could rent out rooms.

if the location is right short term lodgers may be an option
if in a city could you sell parking spaces
etc.