Wanting to help the parents.

karlEmma

Evening all, hope this is in the right place.
My mother's worried sick about her mortgage as it runs out next year but it won't be payed off.
She's 62 and my dad's 64 both still working.
Is there any way of helping her out apart from me winning the euros!!

AnotherJoe

Your post is more than a bit light on information !

PasturesNew

Need more info.

What's the house worth?
How much is the mortgage?

If, say, the house is a 4-bed detached worth £600k and they owe £200k, then we'd say "downsize and pay cash for a £400k house".

If it's a 2 bed mid terrace worth £75k and they owe £60k we'd say "sell it and rent".

So ... what are some ballpark figures to play with?

karlEmma

I'll find out some figures, she has mentioned selling and renting.
Thankyou.

Okydoky25

Can they not keep paying it? What do you mean by runs out. As in their deal runs out? They can just carry on paying they don't need to remortgage.

I would avoid renting if at all possible as this is not a very secure way of life and they could end up keep moving. Its also dead money.

AnotherJoe

Okydoky25 wrote: »

Can they not keep paying it? What do you mean by runs out. As in their deal runs out? They can just carry on paying they don't need to remortgage.

I would avoid renting if at all possible as this is not a very secure way of life and they could end up keep moving. Its also dead money.

My guess is, most likely its an IO mortgage whose term is ending.In which case they probably cant just carry on paying.

OP, that's another bit of info needed, is this an Interest Only mortgage?

karlEmma

Evening, thanks for the replys.
The house is worth around 170k
They still have 30k to pay before October 2017.
I'm not sure what type of mortgage it is, but she keeps mentioning an equity release?

goodwithsaving

I have nothing overly useful to add other than don't compromise your own future for this. You're not the parent.

AnotherJoe

karlEmma wrote: »

Evening, thanks for the replys.
The house is worth around 170k
They still have 30k to pay before October 2017.
I'm not sure what type of mortgage it is, but she keeps mentioning an equity release?

That could mean they have an equity release that needs to be paid off, or they are thinking of getting one, or something else that they are confused about

Don't take this as hostile, but without a lot more info than you've provided, and solid facts such as what type of mortgage it is, rather than guessing, you can't expect to get any useful replies.

Have they even been to see their mortage company and understand what their options are ? Have they been to citizens advice ?

Thrugelmir

Have they spoken to their mortgage lender?

Are they making any attempt to reduce the mortgage debt while they are still both working?