Dealing with parents mortgage debt..

sweeping

Thrugelmir wrote: »

Are your parents still in work, retired, ???

Mother is retired (+health) - Father does consultancy work - certainly not enough to support 350K mortgage however.

Yeah, It's something I feel incredibly bad about - I just can't take on £350K of extra risk - on top of my own mortgage.

I'll talk with them shortly about getting some valuations in - both present state & possible future value if X rooms were done up etc.

Thanks for your replies

Thrugelmir

sweeping wrote: »

Yeah, It's something I feel incredibly bad about

Why? Your parents have had years to address this matter. Not as if they weren't aware. In addition we've years of very low interest rates.

Kynthia

As well as getting the property valued it might be worth talking to an independent broker. See whether equity release is an option so that they can pay off the mortgage and their estate can pay off the equity release once they are gone. It depends on tge amount of equity though.

thirtytoseventy

Presumably if dad is still working then moving to a cheaper part of the country isn't an easy option, although at their age I would certainly be asking them what their retirement plans are anyway. If, like many other retired couples, they would have downsized anyway then this may not be quite the disaster it first seems to be.

However, if they are intent on not changing anything and maintaining their current home / set-up then it could be a rougher ride. Unfortunately they do need to take responsibility for this; sounds like they took the ostrich approach to finance!

Absolutely, unequivocally, do not take out ANY amount of debt in your name.