We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide
Mortgage At 80
dkb
Posts: 107 Forumite
Hello
I posted this in loans earlier as I was lead to believe this was what would be required. I was misinformed.
This is the situation. My father is 80, has a property but wants to move as the place is too big. He has an offer but owes 100k on the property (earlier equity release).
This means for the house he wants there will be around a 25k shortfall after he has paid the 100k off.
I was asked to find a loan but I now think trying to port the mortgage to the new property might be better. Port the mortgage and offer to pay 70k off, so the mortgage drops to 30k. 4 years left on the term at the moment.
Does this seem a feasible option?
I posted this in loans earlier as I was lead to believe this was what would be required. I was misinformed.
This is the situation. My father is 80, has a property but wants to move as the place is too big. He has an offer but owes 100k on the property (earlier equity release).
This means for the house he wants there will be around a 25k shortfall after he has paid the 100k off.
I was asked to find a loan but I now think trying to port the mortgage to the new property might be better. Port the mortgage and offer to pay 70k off, so the mortgage drops to 30k. 4 years left on the term at the moment.
Does this seem a feasible option?
0
Comments
-
What do the T&Cs of the earlier equity release product have to say in regards to portability? Nobody can say for certain so you need to dig these out.0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 353.9K Banking & Borrowing
- 254.3K Reduce Debt & Boost Income
- 455.2K Spending & Discounts
- 247K Work, Benefits & Business
- 603.6K Mortgages, Homes & Bills
- 178.3K Life & Family
- 261.1K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 37.7K Read-Only Boards