Interest Only Mortgage Question

Davidadowning

Hi All,

First time poster here, so be gentle.

With all these news and reports on interest only mortgages over the past few days I thought I would ask for advice from fellow money saving experts.

My parents bought a second home roughly 4-5 years ago with an interest only mortgage which they are currently renting out to tenants. As my farther is retired and my Mother has a very low wage, they needed to remortgage their current home for the deposit on the second home and both properties are solely in my Mothers name.

They have attempted to sell the house last year to no avail.

My question is, and apologies if this is very basic: Is there anyway I can help get rid of this interest only mortgage?

I've researched transfer of equity / joint tenancy / joint mortgages but am struggling to get to grips with it all.

My situation is I rent in London, no other Mortgage, no dependents and have an annual salary of high 30s.

Any help or advice would be amazing.

Thanks guys

:beer:

dunstonh

My question is, and apologies if this is very basic: Is there anyway I can help get rid of this interest only mortgage?

1 - sell the house
2 - repay the mortgage from savings or other means

The options are as simple as that.

TrickyDicky101

Do parents have the IO on their home or on the property they rent out? If on the rental, do they also have a mortgage on their residential property too?

What are the size of the loans and approx. value of the properties (this provides context)?