Mortgage Prisoner

MWT

littleteapot said:

If as the OP says is  correct, the mortgage is interest only on £400k and started 23 years ago then even at worst case said property would be valued at £1.5M+ nowadays.

With previous cases on here I have been frequently surprised by just how little equity there was in the property as one way or another the original borrowed amount had grown, either through additional borrowing, through arrears being added to the mortgage, or simply a poor/unlucky choice of property in the first place, so I never like to assume anything about the level of equity since most who were sitting on over £1m do not usually end up here worrying about how to deal with the mortgage...

I sincerely hope you are right, but I'm not going to be surprised if the equity is a lot lower than this...

Flugelhorn

MWT said:

littleteapot said:

If as the OP says is  correct, the mortgage is interest only on £400k and started 23 years ago then even at worst case said property would be valued at £1.5M+ nowadays.

With previous cases on here I have been frequently surprised by just how little equity there was in the property as one way or another the original borrowed amount had grown, either through additional borrowing, through arrears being added to the mortgage, or simply a poor/unlucky choice of property in the first place, so I never like to assume anything about the level of equity since most who were sitting on over £1m do not usually end up here worrying about how to deal with the mortgage...

I sincerely hope you are right, but I'm not going to be surprised if the equity is a lot lower than this...

agree not everywhere in the country  has gone up quite so much and maybe there has been additional borrowing etc