The Viking
Registered User
- Messages
- 24
Euclid
1. Get a good fees-only, financial adviser to outline some options. It will be worth the 1 hour fee.
2. Can a relative not stand in the monthly payments gap - between what you can pay and what they could pay - until the market picks up and the house is worth closer to what you paid for it? You would have to give them their share of the proceeds on preferential terms - but it would be better than losing all of your original investment.
3. If you have to sell, can a relative not stand in the gap between the amount you'll get and the amount you'll still owe the bank. i.e raise a small personal loan to help you pay off the bank. You want to be clear of the bank, because you don't want to have to pay the bank off at extortionate interest rates.
4. Surely someone on here can comment to see if you might have a case of being missold a 250K mortgage at aged 60. Have you spoken to the Financial Ombudsman?
5. I'm no solicitor but my belief is that the decision when being advised by a solicitor, the decision is usually your own. I'm only suggesting it might be the least successful avenue to try.
Good luck
1. Get a good fees-only, financial adviser to outline some options. It will be worth the 1 hour fee.
2. Can a relative not stand in the monthly payments gap - between what you can pay and what they could pay - until the market picks up and the house is worth closer to what you paid for it? You would have to give them their share of the proceeds on preferential terms - but it would be better than losing all of your original investment.
3. If you have to sell, can a relative not stand in the gap between the amount you'll get and the amount you'll still owe the bank. i.e raise a small personal loan to help you pay off the bank. You want to be clear of the bank, because you don't want to have to pay the bank off at extortionate interest rates.
4. Surely someone on here can comment to see if you might have a case of being missold a 250K mortgage at aged 60. Have you spoken to the Financial Ombudsman?
5. I'm no solicitor but my belief is that the decision when being advised by a solicitor, the decision is usually your own. I'm only suggesting it might be the least successful avenue to try.
Good luck