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Interest only mortage

bauhaus · 2017-04-16 12:48:21

Hi, I live with my brother and his family. Their interest only mortgage was taken out 1994, so only a couple of years now before the capital needs paying. The problem is, they don't have the money, which is £50,000 and to make matters worse, they were made bankrupt in 2006, so this would make re-mortgaging difficult. They…

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BLOW_FLY Posts: 115 Forumite

20 April 2017 at 7:36AM

Just think, if your brother and his wife had saved £200.00 per month over the 25 years they'd have £60k now.....Not much help I know and £200.00 was a lot back in 1994.

I can't imagine they'd have too many issues getting a mortgage on the house if £50k is all that's required although the retained stake in the house by the village trust will be factored into the value by the lender.

BF

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Interest only mortage

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