Interest only mortage

leespot

bauhaus wrote: »

@leespot - might be worth a try!! Not massively in debt, a couple of credit cards between them with no big balances outstanding on them. But yeah, they could at least try to re-mortgage first and if that fails the second option could be to sign the house over to me if means securing the money to pay off the capital.

The boards are full of horror stories. This is really down to them to sort out. They can't sign the house over to you as they don't own it.

If they are both working then there really shouldn't be an issue with securing a 50k mortgage.

bauhaus

Yeah, I can imagine!! I do agree with you that it's down to them and hopefully, they will be able to secure 50k mortgage without any intervention from me because I will still feel impelled to step in if I have to.

meer53

I'd keep out of it and start looking for somewhere of your own well before the mortgage has to be repaid. I don't really get the emotional attachment thing that people have with houses. I've lived in my house for a long time but am looking forward to selling it and moving when my interest only mortgage needs repaying in 6 years time.

[Deleted User]

One thing that hasnt been mentioned is how much the property is now worth, that would have a big say on how much it could now be mortgaged for ?

Caz3121

bauhaus wrote: »

so would it be my best approach to go to the bank and ask for a £25,000 loan?

bauhaus wrote: »

Well, I've currently have a £7000 loan running, a number of credit cards,

£25k is a big amount for an unsecured loan. Add that to your current debts and what % of your income does that come to?

-taff

They shouldn't have a problem re-mortgaging, they need a competent broker to get them the best deal.

bauhaus

@venison - the property is worth about 220k now! My brother is basically offering me a stake in property now to bail them out if all else fails!! Can't help but think there may be some financial gain/investment opportunity for me in this as I can only see the property value rising given the fact that we live in a nice rural part of Oxfordshire.

@Caz3121 - it sure is! Which sways me more to actually trying buy 50% of the property, but alas, its complicated

@-taff - thx, we've just started to for an independent mortgage advisor in the area. I hope they can and I think we need to get the wheels in motion now with this!!

leespot

I'd be surprised if he could sell you a share of something he doesn't actually own. There is very little to be gained by you in any of this.

Herzlos

Since they are looking at a LTV of well under 25%, are you sure they can't remortgage?

bauhaus

@leespot - Right, thanks. This is exactly why I've come on here!! To get info and different opinions

@Herzlos - I really do hope they can but they've not tried yet. Because of the bankruptcy we didn't have much confidence they'd succeed with that. But it's definitely going to be the first port of call to try and get this resolved.