Question - Being told relative has to be removed from mortgage

thecornflake

Sorry didn't explain reasoning properly. She's speaking to the solicitor to check about the letter they have as it was done a long time ago, not in order to change anything. I agree as far as I know if left as is she'd inherit it anyway.

EDIT: I'm not sure of the reason why the letter was drawn up, or what it says exactly, might be bit more involved, or cover power of attorney or something.

Complaint is a strong possibility. Really annoys me when banks trick people into things like this. She was about to agree to take her dad off the deeds of the house and lose what I think is a pretty good (consistent if nothing else) mortgage.

I've said it sounds like she can safely ignore them and just stay with the existing mortgage but said speaking to an ifa who covers mortgages etc might be a good idea, she also wants advice on some other stuff so I think it's probably worthwhile.

Thanks for all the replies, much appreciated.

betmunch

thecornflake wrote: »

Complaint is a strong possibility. Really annoys me when banks trick people into things like this. She was about to agree to take her dad off the deeds of the house and lose what I think is a pretty good (consistent if nothing else) mortgage.

I would encourage it.

The only way they will stop giving bad advice is if people kick up a fuss.

I see it as a training issue and pressure from above to meet targets

Lungboy

Sorry if I missed it, but who is the lender?

Caz3121

thecornflake wrote: »

She's around 45 years old and her father is I think about 75-80.

thecornflake wrote: »

Mortgage has 17 years left.

which lender allowed someone to take a mortgage until they were 92-97 years old!

betmunch

Caz3121 wrote: »

which lender allowed someone to take a mortgage until they were 92-97 years old!

Assuming this was 8 years ago loads did.

Why do you feel this is an issue if the mortgage is deamed affordable?

Caz3121

apologies, I did not realise that mortgage up to retirement age was a recent thing. I have seen many posts where people have been told that age would restrict duration etc.....guess it makes sense that if pensions etc cover it..why not

prowla

They will make money out of re-mortgaging you.

betmunch

Caz3121 wrote: »

apologies, I did not realise that mortgage up to retirement age was a recent thing. I have seen many posts where people have been told that age would restrict duration etc.....guess it makes sense that if pensions etc cover it..why not

Exactly.

It's a huge thing now, which is a shame as pension income is as secure as it gets

thecornflake

Quick update and a clarification -

The letter with the solicitor, is because she has a couple of other siblings who have threatened to try and take the house once their father passes away. The letter (even though the will should be good enough) specifically states she is the only one entitled to the house.

The lender is C&G. They are still telling her she has to legally sell the house or remortgage soon, I'm struggling to make her understand they're possibly not telling the truth or speak to an adviser and TBH it's hard to keep trying to convince someone when they just can't get their heads round the idea a bank or mortgage company might not be telling the truth.

Rant over.

Pixie5740

Is it an interest only mortgage?