StillaMellis
Registered User
- Messages
- 19
My interest only loan has three years to run. At 67 I am too old to take out a 30 year mortgage. I have calculated that that is how long it would take to pay off the capital and pay the interest on a beautiful house I have let to tenants. The income is likely to be sustained as the house is beside a university and there is considerable demand for accommodation each year. Having had a cousin die at the age of 96 recently there is no guarantee that I will die before I am 77, 87, or even 97. Even if I do pass away I have family ready and willing to take over my assets -- and my debts. This is such a beautiful house that I do not want to part with it under any circumstances.
My solicitor suggested forming a "consortium". What on earth is that?
What are my chances of finding a number of private investors to lend me money on the assurance that they will receive a regular payment of interest and capital over the next 30 years -- and that if I fail they will receive a magnificent house in an excellent location for much less than I bought it for?
How does one find such investors? Abroad? In China?
My solicitor suggested forming a "consortium". What on earth is that?
What are my chances of finding a number of private investors to lend me money on the assurance that they will receive a regular payment of interest and capital over the next 30 years -- and that if I fail they will receive a magnificent house in an excellent location for much less than I bought it for?
How does one find such investors? Abroad? In China?