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Interest only mortgage

Hi, I am looking for advice/help. 
My Grandfather has recently been taken to hospital and we are looking to get him a care home. He owns his own house he purchased this in 1999 for just under £17.000 he got his mortgage from Halifax as interest only, we are now getting told by my aunt who has power of attorney that he now owes Halifax £30,000 
the original loan was for 180 months. and it would clearly have been paid off by now. our suspicion would be that he has released equity or done something else, he has not re mortgaged as looking on the land registry site for Scotland  it was last mortgaged in 1999
How would we be able to find this out? any information would be great help.

Comments

  • cymruchris
    cymruchris Posts: 5,551 Forumite
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    Your Aunt with power of attorney, once she has provided proof of this to the Halifax should be able to get the details of how the outstanding balance was reached. Where did the £30k figure come from?
  • Hoenir
    Hoenir Posts: 5,707 Forumite
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    JoeWoods said:
     he got his mortgage from Halifax as interest only, we are now getting told by my aunt who has power of attorney that he now owes Halifax £30,000 
    the original loan was for 180 months. and it would clearly have been paid off by now. 
    Have you any evidence it was repaid? The property may well have been remortgaged and futher funds released. 
  • RAS
    RAS Posts: 34,462 Forumite
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    I'd expect any mortgage to be recorded in the deeds at the Land Registry? You might have to look at the Register of Sasines given the dates, not sure if that would give details.
    If you've have not made a mistake, you've made nothing
  • Ayr_Rage
    Ayr_Rage Posts: 1,953 Forumite
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    Payments on an interest-only mortgage do not pay off any capital, so at the end of those 180 months then the original £17,000 would still be outstanding.

    You need to find out what happened in 2014 !
  • DE_612183
    DE_612183 Posts: 3,125 Forumite
    Part of the Furniture 1,000 Posts Photogenic Name Dropper
    as @Ayr_Rage says the original loan would have come up in 2014 for full payment - I think what has probably happened is the new mortgage was taken out that paid off the original loan o £17k, plus took out additional borrowing of £13k which was then spent on whatever it was spent on.

    How much is the house worth? and more importantly when does the new loan run out when it's expected to be paid off in full?
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