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Joint Mortgage
Comments
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So is there an easier alternative solution?0
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Couldnt the three of them give money to the parents each month to help them pay the mortgage like a long term loan that would not be paid back until the time comes and each has the money that they have given returned to them when the house is sold. That sounds to simple.... but I dont know why....lolAoccdrnig to a rscheearch at Cmabrigde Uinervtisy, it deosn't mttaer in waht oredr the ltteers in a wrod are, the olny iprmoetnt tihng is taht the frist and lsat ltteer be at the rghit pclae. Tihs is bcuseae the huamn mnid deos not raed ervey lteter by istlef, but the wrod as a wlohe.0
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Couldnt the three of them give money to the parents each month to help them pay the mortgage like a long term loan that would not be paid back until the time comes and each has the money that they have given returned to them when the house is sold. That sounds to simple.... but I dont know why....lol
That's what I was thinking too
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The mortgage has another 7.5 years left to run, after which time, some of the initial mortgage will be paid off (The element on repayment basis). However, the lender will also be looking for a lump sum payment for the loan which was given on an interest only basis.
Unfortunately, there was no mechanism put in place when the loan was taken out to repay this (such as an endowment).0 -
Should I get legal advice on this and if so, who should I approach?
Thanks0
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