Mortgage Options for Mums House

aftabn10

Hi, I am looking to get some advice in regards to my mums house and her mortgage. Unfortunately my father passed away a few years ago and since then I have been helping to bring my mums mortgage down. My mums mortgage came to an end last year June where we had 125k and I brought this down to 100k and was given an extension of another year as they said they will review this year on year.

I have recently spoken to the mortgage and I advise that I will be bringing the mortgage down to around 80k in a few weeks and would appreciate it if they could extend the mortgage for another year but they have now refused to do so.

My mums mortgage was on an Interest Only as Repayment was too expensive as I already have my own house and mortgage. The money that I have been paying has been down down to having good share save schemes at work which proved to be quite profitable.

I am now trying to work out my options as I only have around a month or so and would appreciate some advice if possible.

I haven't paid the 20k on my mums mortgage at the mo as I was contemplating a Buy to Let or just thought in case I needed the money to help with some kind of deposit. My mums property has been valued at 280k as well so there is good equity in the property.

My situation is that I have 110k on my mortgage and my house is valued at £250k and I am 40 yrs old. My mum is 65 and does not work and is supported by myself and my sister.

Would appreciate any advice to see how I can work things out.

foxy-stoat

Apart from pulling money out of your property, and maybe your sister's to settle the mortgage, not a lot to do other than selling it and buying a cheaper place outright.

BTL probably no go due to you will be renting it to family, low deposit or if you wanted to buy it undervalue she would have issues with deprivation of assets.

She is a little too young to think about equity release.

What is your sister's equity like? Its going to be yours one day so if you both could afford to pull £60K each, that would be the way I would go.

Caz3121

is there enough equity in your mums property to sell and purchase something without a mortgage?