Is remortgage the right move?

Drea4242

Hi,

So basically I'm really confused as to what to do with my mum's house. I live with her and she is separated from my dad for over 10 years now. Both of their names are on the current mortgage, my dad took out two £25,000 loans on the house which we got nothing out of. He refuses to pay anything towards the house which has left my mum in a lot of debt as she signed the papers.

So there is a very large outstanding debt on the house which Halifax has said has to be paid by 2023, we are never going to be able to pay that. We are currently speaking through lawyers but we haven't gotten anywhere yet as he is wanting to be bought out. It is an interest only mortgage and our house has been valued at around £145,000-150,000

I have no idea what the next step we should make is, I have an average credit score and I'm fairly good with money but we are at a loss with paying the house off.

Any advice would help

JayCeeEssex

First question is how old is Mum and what level of income does she have?
Secondly if Dad could be bought out would you be prepared to go on the new mortgage with Mum?
You say there are 2 £25k loans against the property...is there also a mortgage on top of this?
There are a lot of questions that need answering including what level of buyout your Dad would want.

Drea4242

Hi, sorry I'm new to posting here!

Mum is 58 and she is earns about £10,000 per year roughly. I want to go on the mortgage wait my mum.

Yes there is a mortgage on top of those, I believe all in all its at about £50,000 as one of the loans is near enough paid, but we aren't making a dent in the interest only mortgage.

We have no idea how much dad want to be paid out, I think he is holding on for us to give up and sell so he gets half of the money.

Sorry again!