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Try being A Bit More Nellie
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Trying to help a friend through a difficult time
Nelson1100
Posts: 39 Forumite
I have a friend who is in her late 50s and a few years ago her husband left her, she has struggled through and just about managed to make ends meet ever since. It turns out that her husband had always told her that the endowments he had would cover the mortgage when it came to an end this March, however she has now discovered there's nowhere near enough.
To cut a long story short she is now living in a house worth about £450k but once the endowments and her limited savings are cashed in she will still owe £128k to the building society. They have given her a few weeks grace but they want her to put the house on the market and downsize. Of course she could do that but she has several family members that rely on her in the area and she can't get anything for £300k that's sensibly close to them or her work.
She wants to stay in the area for another couple of years to look after her relatives but the Santander are refusing to extend the mortgage and say that she will have to take out a new one and start again if she wants to keep the house, the problem with that is that although she has never missed a mortgage payment she has a terrible credit history as she has several credit card debts as well as a limited income. She could just about cover a £128k mortgage but we can't find anyone that will give her one despite there being over £300k equity in the house.
Does anyone have any suggestions or is the only answer to sell & move away?
To cut a long story short she is now living in a house worth about £450k but once the endowments and her limited savings are cashed in she will still owe £128k to the building society. They have given her a few weeks grace but they want her to put the house on the market and downsize. Of course she could do that but she has several family members that rely on her in the area and she can't get anything for £300k that's sensibly close to them or her work.
She wants to stay in the area for another couple of years to look after her relatives but the Santander are refusing to extend the mortgage and say that she will have to take out a new one and start again if she wants to keep the house, the problem with that is that although she has never missed a mortgage payment she has a terrible credit history as she has several credit card debts as well as a limited income. She could just about cover a £128k mortgage but we can't find anyone that will give her one despite there being over £300k equity in the house.
Does anyone have any suggestions or is the only answer to sell & move away?
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Comments
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My initial suggestion is for her to ask the relatives she looks after for help to enable her to stay in the area. Would she realistically be able to do this?
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No I don't think so, they are not particularly well off unfortunately.goldfinches said:My initial suggestion is for her to ask the relatives she looks after for help to enable her to stay in the area. Would she realistically be able to do this?0 -
https://forums.moneysavingexpert.com/categories/mortgages-endowments You might be able to get advice in this section of the forum.1
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Hi OP
What area is it and I will find something for that price
Thanks1 -
Has she consulted a mortgage broker? I'm wondering whether she's over 55 and might be able to get an equity release mortgage instead although those probably aren't the best option in her circumstances but she's very much the sort of person these companies market themselves towards.Apr No-Spend Days 8
Apr Grocery Challenge Spend £157.02/£180
Apr Baking Fund Spend £13.39/£30
Apr Bulk Buy Fund Spend £32/£48
Decluttering 100 items by the end of the month 6/100
Try being A Bit More Nellie1 -
Watford or Kings Langleydiystarter7 said:Hi OP
What area is it and I will find something for that price
Thanks0 -
Defo speak with a broker! Good luck 👍🏼2024 wins: *must start comping again!*2
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Another one agreeing with the mortgage broker suggestion - they are experts and will be able to search the market and hopefully find a product that will work for her.She might also try registering with a couple of local estate agents so if anything comes on the market that might suit her downsizing requirements in the right area she will find out about it quickly. Obviously she should also keep an eye on Rightmove and Zoopla too.🎉 MORTGAGE FREE (First time!) 30/09/2016 🎉 And now we go again…New mortgage taken 01/09/23 🏡
Balance as at 01/09/23 = £115,000.00 Balance as at 31/12/23 = £112,000.00
Balance as at 31/08/24 = £105,400.00 Balance as at 31/12/24 = £102,500.00
£100k barrier broken 1/4/25
Balance as at 31/08/25 = £ 95,450.00. Balance as at 31/12/25 = £ 91,100.00
SOA CALCULATOR (for DFW newbies): SOA Calculatorshe/her2
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