Kensington Finance : Advice for a 22yr old FTB :)

homer_j_3

this is not an uncommon story and it is something which is only going to get worse as the subprime lenders are focused on tightening up their balance sheets.

UK007BullDog

Where are your parents living now? Why do they want to lumber themselves at old age with an interest only mortgage?

freestyler

At the moment,we are living in a rented house..my dad, being the lazy ---- he is,never bothered buyin a house when he had a good job going. We also kept moving around due to his job so he preferred just renting since he could afford it and less hassle involved..but now they are getting old and once i finish my degree, chances are that id be moving elsewhere when i get a job..at the same time im hopin that my personal financial circumstances would improve so hopefully i cud help em pay off the 90k or so debt in the future..if we went for a repayment mortgage [or mixed] right now, the payments wud be too high for us to afford