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Retired Relative with Interest Only Mortgage
debtfreeian
Posts: 146 Forumite
Morning, unfortunately I'm after some advice for a relative who has buried her head in the sand for a long time.
She has retired recently and her.interest only mortgage has come to an end, unfortunately with the capital still remaining. I'm assuming there is very little equity.
The bank obviously wants their cash which she can't pay from funds. She has spoken to citizens advice who batted her to debtline. Debtline have fobbed her off saying it isn't a debt which I'm quite annoyed about.
I'm not sure I have all the facts but just trying to see if there is any other help/advice she can get before a repossession.
I assume the only thing left is to attempt to negotiate time to sell the property but would appreciate any other advice as I'm no expert.
She has retired recently and her.interest only mortgage has come to an end, unfortunately with the capital still remaining. I'm assuming there is very little equity.
The bank obviously wants their cash which she can't pay from funds. She has spoken to citizens advice who batted her to debtline. Debtline have fobbed her off saying it isn't a debt which I'm quite annoyed about.
I'm not sure I have all the facts but just trying to see if there is any other help/advice she can get before a repossession.
I assume the only thing left is to attempt to negotiate time to sell the property but would appreciate any other advice as I'm no expert.
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Comments
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The problem is you need full details.
How much is the house worth?
Exactly what equity is there?
Full details of her income?
Expenditure?
Could she sell and downsize/rent?
Could she come on here?If you go down to the woods today you better not go alone.0 -
Absolutely but I'd rather she spoke to a free charity if possible. Age concern charge per hour and CA and the debt charity were pointless.
Is there any one else she can talk to.0 -
Witch 'Debtline' did she speak to, was it National Debtline or one of the IVA companies masquerading as a charity?
Has she tried Stepchange?If you go down to the woods today you better not go alone.0 -
Hi it was national debtline. I'll tell her to try stepchange.Grumpelstiltskin said:Witch 'Debtline' did she speak to, was it National Debtline or one of the IVA companies masquerading as a charity?
Has she tried Stepchange?0 -
She could also talk to an adviser about equity release - some work as interest only mortgages and might be an option to continue the past status quo, if affordable.
But a banker, engaged at enormous expense,Had the whole of their cash in his care.
Lewis Carroll0 -
You also need information about any pension pot.
For a free helpline, Shelter may be worth a shot.
Debt camel has an article but may not contain anything you hadn't already thought of
https://debtcamel.co.uk/interest-only-mortgage/
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