Advice re interest only mortgage at end of term

jam83

Hi,
I’m looking for some advice for my Mother in Law. She and her husband jointly own a house on which the interest only mortgage has now ended. They still owe approx £13K. She speaks little English and as a result her husband originally arranged the mortgage and she was unaware that she should have been making arrangements to pay off the balance after the 25 year mortgage ended.
Her husband abandoned her and their 9 children approximately 20 years ago. He has not paid one penny towards the care of his children, the mortgage or anything else. He was abusive and after he left she was just glad he was gone and was busy looking after their 9 children. She didn’t seek a divorce, but heard he remarried in their native country (it is not illegal to have more than one wife there).
She has been told by the mortgage company that as it is a joint mortgage her husband must agree to any changes otherwise she must pay the outstanding balance. This might be possible if she uses all of her savings + money scraped together by all of her now adult children, but it will not be easy and is not a small sum for their family. She is reluctant to do this as the bank have told her that he will still own 50% of the house and she doesn’t know what to do. She is aware that he still lives in this country, but doesn’t know where exactly and is worried about what might happen if she does manage to track him down.
They also jointly own a house in their native country, which his new family live in. She doesn’t know what her rights are regarding this. She has had no say in this, but has been informed by her family who live nearby. She has no family other than her children in this country so doesn’t know what her rights are and what to do for the best. Any advice on what options are open to her would be appreciated X

jam83

Doh I meant interest ONLY

glosoli

From the banks perspective it is relatively straight forward, i.e whilst it is joint she will require the cooperation of her former husband to do anything. Anything outwith this is with a solicitor - has she contacted one yet?

ACG

Rather than go back to the lender and say something can not be done, put a suggestion forward - ie, she make a £3k overpayment and then overpay each month to bring the balance down over a period of say 3-4 years?

I could be wrong, but I suspect they would rather do that than go through court. It might also help to just make overpayments in the meantime, it shows good will to bring the balance down if nothing else.

dimbo61

She only owes £13K and this is her home.
See if the rest of the family can help her each month !
£50 a month from 9 children would soon clear the mortgage within 3 years

If they do not take steps to clear the debt then Mum could lose her home ( over £13K )