Remortgage means our home will be taken off us - can anyone help?

beenie90

Hi everyone,

I currently live with my mum who has retired. She remortgaged our home probably around ten years ago (I'm unsure of the exact time frame) and now we're left in a position where the people who remortgaged it will sell the home in 3 and a half years.

I'm quite concerned about this situation as I'd like my mum to be in a comfortable position -she'll be in her mid 70s when the house is taken off her.

I would be very grateful if anyone can give me any advice on how to avoid our home being taken off us and if you need more in depth information I can talk to my mum to find out the specifics of the remortgage or whatever else.

If it's any use - our house was a council house and is on a council estate, so I'm not sure if the council could help out with this situation.

Thank you in advance to anyone who takes their time to respond to this post.

Ben

haras_nosirrah

Hi

How much is the mortgage and how much is the property worth? Is the mortgage in interest only?

I am assuming your mum took out an interest only remortgage and the balance will be due with no means to repay. If that is the case die to her age equity release may be an option where she gets a mortgage to pay off the other one but the interest is rolled up. I am afraid your inheritance will largely disappear but your mum will be able to stay in the property until she dies when it will have to be sold. If you and your mum can service the interest you can avoid losing all the equity in the property.

ACG

Speak to a Mortgage Broker who is also qualified in Equity Release. They can then look at all of the options.

There is the potential for remortgaging and using your mums pension as the income - but it will depend on the size of mortgage and income.

Alternatively Equity release may be the only option, which could be fine for your mum but eat in to your inheritance.

AnotherJoe

Can you buy it off her ?

TrickyDicky101

You need to clarify exactly what you mean when you say the home was remortgaged 10 years ago - who was this with and what was the nature of the remortgage?

Why will the home need to be sold - is this because the mortgage term is up or for some other reason?