Question - Being told relative has to be removed from mortgage

amnblog

Your best option:

1. advise her to get some Professional advice
2. stay out of it

if it goes wrong and you are involved you wont thank yourself.

If they have a 17 year term contract the Lender cannot make them break it if they are paying in full and on time.

getmore4less

two things to do,

Check the mortgage is repayment and will be paid off at end of term.

Check the tenancy, if not joint tenants then it could get messy even with letter and will, the siblings can cause a lot of disruption and costs quite easily if tenants in common.

The letter probably outlines the beneficial interests but if TIC it still needs the grant to administer the estate.

One potential advantage of sorting it out now is the ownership can be transfered and the beneficial interest(which may be zero) paid to the dad to do with as he see fit like spend it on himself.

DandelionPatrol

thecornflake wrote: »

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.

Have they put this in writing? That is the acid test. She should tell them to put it in writing. If they do, she should check her T&C's to see whether they are correct and complain like fury if they are not.

And if they don't put it in writing, she should complain like fury.

thecornflake

Answers -

It's not IO, it's repayment. Apparently there is someting specific about tenants in common somewhere.

Advice to recommend getting professional advice - done several times
Advice to stay out of it - rapidly being applied.