Do I just let him sell the house?

angie_baby

Alter_ego said:

Just to clarify. Do you mean an interest only mortgage rather than interest free mortgage?

Interest only because of his health conditions 

pinkshoes

@angie_baby you really need to contact the mortgage company and find out what the situation is. 

You have mentioned if he sells at £260k it will leave him with £35k equity, which implies that there is an outstanding £225k mortgage. 

That is a HUGE mortgage for someone who only earns £800 a months so I see why he is paying interest only. 

With no job he cannot re-mortgage, so selling would be a sensible thing to do. 

My gran was in an unsuitable house (private rental) and we managed to get her an "assisted living" property which was a self contained bungalow. They offered various levels of assistance, which she (being stubborn) opted for the minimum of a safety alarm should she need help.

When the £35k runs down to £6k then he can claim full benefits.

I would focus your time listing the house for sale then looking for alternative accommodation for him. 

angie_baby

pinkshoes said:

@angie_baby you really need to contact the mortgage company and find out what the situation is. 

You have mentioned if he sells at £260k it will leave him with £35k equity, which implies that there is an outstanding £225k mortgage. 

That is a HUGE mortgage for someone who only earns £800 a months so I see why he is paying interest only. 

With no job he cannot re-mortgage, so selling would be a sensible thing to do. 

My gran was in an unsuitable house (private rental) and we managed to get her an "assisted living" property which was a self contained bungalow. They offered various levels of assistance, which she (being stubborn) opted for the minimum of a safety alarm should she need help.

When the £35k runs down to £6k then he can claim full benefits.

I would focus your time listing the house for sale then looking for alternative accommodation for him. 

Before the ex girlfriend the was around 130k in the house, bit annoyed that I've only just found out how much he spent while he was with her!

Before feb this year he was taking home around 2k a month so hes had a massive drop in income and is finding it hard to adjust.

As always mse has been very helpful! 

mark55man

good luck, and well done for looking after your dad.  If you haven't already I would put a post up on the benefits board, especially given today's news, their advice has helped me out several times with my DS.  

sheramber

Any help towards the mortgage  ( when he is eligible) will be  interest only and is a loan ,  which has to be repaid.

If the mortgage agreement is up in 2 years he will be expected to pay the lump sum due. It would appear that would only be accomplished by selling.

As a suitable rental may take time to find it would be prudent to start investigations now.

Check with the council/ housing associations/ social work if he can get any help with rehousing due to his condition. There may be none but if you don't ask you won't get. Then you will know you have explored all avenues.

I know someone who has ill health, who  eventually got a one bedroom bungalow after a lot of bidding on the council housing list. The house is owned privately, but is leased to the council to rent out.

Help him to find out what  benefits he can apply for now- new style ESA. jSA? He will need a fit note from his GP if he is unable to work through ill health.