Has a secured loan been put on my parents house?

MinuteNoodles

onlyashrew said:

I feel I would like just a little inkling of what I/we will need to pay this next time round. Purely for my own budgeting plans and sanity.

My advice is don't. At the moment you're basically doing the equivalent of buying an alcoholic a pint and then wondering why he doesn't give it up. He's not likely to feel any compulsion to do something about it when there's someone who will bail him out and keep the lights on, food in the cupboard and allow him to continue spending as he is.

bris

Any lenders can apply for a charge on his share the house if in default. This comes with interest accumulating until settled so can potentially wipe out his share of the house. 

The problem with bailing him out is that he can just do it again. it would be better to wait until he is unlendable so he can't do it again.

This may still leave the problem of sub prime lenders allowing him to borrow on the house though so there is no easy way to stop him . Bottom line is sometimes you just can't help them self destructing.

Mojisola

onlyashrew said:

My mum is part owner of her late parents house; her brother currently lives in it and I fear has got himself into some financial difficulty.

The LA property alert is a useful tool - www.gov.uk/guidance/property-alert - not just in this case but for anyone who owns property.