SOA-advice appreciated

Tjh1412

Not for the severe disability element which is what this is

MoneyMission2015

Is your mortgage interest only? I'm just wondering why it's so low as we have a similar mortgage amount and our monthly payment is over £600, even on an interest rate of 1.49%.


If it is interest only, do you have a plan on how you will be paying the balance when the full term ends?

redpete

I'm really confused about the mortgage - they say they pay no interest which seems odd, and at 100 a month this would take 133 years to pay it off..

Tjh1412

The mortgage is not a traditional one,and it's not with a bank I used money from a trust fund to purchase the property on a shared ownership basis. So £100 is the amount I'm obliged to repay each month,and on my death the money outstanding would return to the Trust fund. If however I pay back the amount borrowed in full it becomes solely my asset and there's no claim on it; hope that makes sense.