Grandad possibly being forced to sell

nic01_2

Hello,

I'm hoping someone on here can help or suggest someone i can speak to. My Grandad is 68, retired with a war pension and is on an interest only mortgage. This was through bad advised by the bank. He was also stuck in a rut about 4 years ago and just managing to keep on top of things so wasn't in a position to move to a full repayment mortgage.

The bank told him it was fine as long as he kept paying it they wouldn't ask for the term and would let it carry on. This was based on a conversation with a branch advisor agreeing with him he was given bad advice. About a month ago he spoke to them again and they advised that they will be looking for £57K in 11 months - which he doesn't have.

He is in a large apartment which i think will sell quickly. He is also up stairs and would like to be on a lower level but he is a bit apprehensive about selling. I know mortgages for retired folk aren't easy to obtain but i am looking to find out if there are lenders out there who would consider helping him. If not he's going to take the plunge and sell/move but it would be nice to give him some options.

Senior_Paper_Monitor

Much of above doesn't make sense and, more importantly, there is insufficient in formation to give any detailed answer (even if permitted to do so by forum/regulator rules).

Get your grandad (with a relevant 'companion' due his age - according to my guidance rules issued by our compliance department today, which as a near 62 year old am included in the definition so am starting to get well and truly !!!!ed off at this nonsense) to an experienced independent mortgage advisor (NOT a bank advisor) ASAP .... solutions may be possible but time is running out.

Thrugelmir

nic01 wrote: »

He was also stuck in a rut about 4 years ago and just managing to keep on top of things so wasn't in a position to move to a full repayment mortgage.

When did your Grandfather originally take the mortgage out?

nic01_2

Senior_Paper_Monitor wrote: »

Much of above doesn't make sense and, more importantly, there is insufficient in formation to give any detailed answer (even if permitted to do so by forum/regulator rules).

Get your grandad (with a relevant 'companion' due his age - according to my guidance rules issued by our compliance department today, which as a near 62 year old am included in the definition so am starting to get well and truly !!!!ed off at this nonsense) to an experienced independent mortgage advisor (NOT a bank advisor) ASAP .... solutions may be possible but time is running out.

I'm only passing on what I know. I'm only asking if anyone can point me in the right direction. Thanks

nic01_2

Thrugelmir wrote: »

When did your Grandfather originally take the mortgage out?

I'm not sure at this point. I've only got the information he passed to me so far. I'll contact an independent mortgage advisor and see what the options are

Thrugelmir

nic01 wrote: »

I'm not sure at this point. I've only got the information he passed to me so far. I'll contact an independent mortgage advisor and see what the options are

Best to obtain the full picture before casting aspersions. As what was said has to be put into context of the questions asked. Also whether it was just personal opinion expressed rather than actual advice.

Mortgages last for years also we've had record low interest rates for sometime now. So with under a year to run late to start trying to find solutions.

xylophone

Will he have enough cash after repaying the mortgage to buy outright?

If not, had he thought of exploring the possibility of renting through a Housing Association? There are some "retirement" type properties which might suit him.

He might also look at almshouse type provision through a charity as he is an ex serviceman?

Mojisola

Get in contact with https://www.ssafa.org.uk/help-you/veterans
and ask for someone to come out, assess the situation and help him.

nic01_2

Thanks to those who have suggest some help, appreciated

nic01_2

Thrugelmir wrote: »

Best to obtain the full picture before casting aspersions. As what was said has to be put into context of the questions asked. Also whether it was just personal opinion expressed rather than actual advice.

Mortgages last for years also we've had record low interest rates for sometime now. So with under a year to run late to start trying to find solutions.

I only asked a question and if I'm honest the initial response made me feel like an idiot for asking such a question. This isn't something i've ever dealt with or asked about. And if indeed it was advice or an option i was after, shame on me. Sorry for not meeting your requirements.... I'll take what the helpful people have suggested and see what i can do