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No more finance, Mortgager wants 50k
Comments
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The lodgers are not permanent residents. They are all contractors for local business and only stay Monday evening until Friday morning each week. The rent is declared.
Her living expenses are about right. I've taken the cost of running the house, and the CT away from the revenue from the lodgers which may explain why it looks low.
Outstanding loans are about 50k but will be about 40k at the end of the mortgage.0 -
income £2800 outgoings £1900
where has the other £900pm been going?0 -
Those two loans have only been taken out this week. No repayments have been made on them yet.
Prior to that all savings were being fired into paying off the mortgage balance.0 -
Bit premature taking out the loans should have been done as part of a complete solution0
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That was a !!!! up.
I thought I had raised the other 50k also on loans but in fact I was not eligible.0 -
if the property is worth 1,000,000, seriously consider downsizing, it will be cheaper it in the long run, repo costs are very expensive."It is prudent when shopping for something important, not to limit yourself to Pound land/Estate Agents"
G_M/ Bowlhead99 RIP0 -
yes, thats a possibility too.
Is it possible to get out of equity release?0 -
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Is that a typo? If you can read the T+C's from where you are you should be able to help me.
My understanding of equity release was that the financier held a charge on the property that is difficult/expense to remove. Are there equity release products available that give the borrower an opportunity to get out of it?0 -
whats the problem with the land?
seems a bit late in the day to have discovered there is a problem.
work on doing what was needed to gie it value should have started years ago.
unless there is a good reason to keep the place the best options look like selling up getting a nice little place that is comfortable removing the hassle of lodgers and her spending the money on nice life.0
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