Naive parents - need help. Can't afford mortgage payments. Can't sell property either

jonesMUFCforever

Have they considered doing half and half?
Keeping a % on interest only and making the rest repayment depending on what they can comfortably afford?

Gorgeous_George

£65K at 4.6% is about £250. This rate will rise when the fix is over. Maybe £400 at 7.4%.

Moving to repayment and £65K at 7.4% over:
20 years is £520
15 years is £600
10 years is £770

Which option could they afford? I think some lenders will allow mortgages to age 85. I guess retiring later may be an option.

I wouldn't recommend you taking on their mortgage without great consideration. They may fall behind with the rent. The house may depreciate further. You could lose your home.

GG

Rabiddog_2

Also you really have to SIT your dad down HARD! They are in danger of losing their house, yet you imply a further £150 could be freed up per month with no hardship except a little form-filling? This is !!!-kicking time girl! Its pointless you and your brother putting in all this effort if they don't make the necessary changes. Its hard to argue against your stubborn progenitors, but in this case it has to be done.

PS I have very cheap keyboard toner carts (BOGOF today only)