Negotiator
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- Messages
- 218
Approach your lender now well in advance of maturity to explore options, don't continue to ignore this as you say D day is looming for your pal and best to get agreement Asap on this one, especially given age etc, if he dies he may leave an unholy mess.
Also at 72 that pension pot must have matured, he must have access to that today.
Cerebus are being paid interest on a home in positive equity.
With the proper approach I think they would not (force) it and would be amenable to a sensible arrangement on the lines of interest + some principal.
Sense tells me they wouldn,t force sale on two pensioners.
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Can,t see how the k225 is a normal pension fund ? . Probably what is called an AMRF and he will have to take 5 % out per year.(am not 100% sure but other AAM can advise)
If its a pension( pot ) it can give them circa yearly income circa 20,000+ so along with old age pension I can see both they and Cerebus coming out ok.
Eg If cerebus get interest + k10 per year . Your friend keeps home + extra k10 per year.
I have to disagree with you on this one Gerry! Playing the "poor old me" card can not work here. this is an interest only pension backed mortgage which the borrower was made fully aware of and has being paying interest only since inception. He was also fully aware that he must also fund a separate pension policy which should produce an adequate lump sum to clear the mortgage on maturity. He now has this policy ready for encashment and decides that rather than pay his mortgage with the proceeds he needs the pension to fund his lifestyle. Also remember that he has been living without the need of this pension for the last number of years presumably with OAP assistance which will still be retained.Cerebus are being paid interest on a home in positive equity.
With the proper approach I think they would not (force) it and would be amenable to a sensible arrangement on the lines of interest + some principal.
Sense tells me they wouldn,t force sale on two pensioners.
sure the old bank should take pity on him and do a deal on the amount owing!!
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