Parents will be paying Mortgage until they are 85!

[maura123]

Hi,
Just looking for some advise for my parents. My dad is now at home on sick pay. mother does get a small few quid from doing part time work. They re-mortgaged their house a few years back to pay off loans owed from a previous business that failed. The mortgage is approx 200 grand, and they pay roughly 850 pounds a month. They are not sure what to do with the house. they know it wouldn't sell. My mother afraid to go to any advice centres as she thinks she wil get in trouble about her small income! the mortgage agreement is payments until they aged EIGHTY FIVE!!! they are not even 60 yet. any advice?

 

[feltox]

Hi,
Just looking for some advise for my parents. My dad was working full time up until 9months ago when he got seriously ill. He is now at home on sick pay. My mam does not work. She does get a small few quid from doing sewing for locals etc. They re-mortgaged their house a few years back to pay off loans owed from a previous business that failed. The mortgage is approx 300 grand, and they pay roughly 850 a month. My mam thinks she is gonna get in serious trouble (because of her sewing money, she doesnt pay tax on it) when my dads sick pay is reviewed in January. She will have to give in bank statements showing that she is paying the mortgage(struggling to pay). They are not sure what to do with the house. they know it wouldn't sell. I am the last one living at home . My brothers often helped them with recent payments over the last few months. but they HATE asking them, coz they have their own mortgages. I am on a very low wage so I can't take it over. I cant even move out coz I couldn't afford it. They have been talkin about "making decisions" and asked my opinions and asked me to look if there is any advice on net. My mams afraid to go to any advice centres as she thinks she wil get in trouble about her small income! the mortgage agreement is payments until they aged EIGHTY FIVE!!! they are not even 60 yet. any advice?

Just wondering how the bank gave a mortgage that your parents could repay after 65/70 years?

I did not think a bank would allow a mortage mature after some one turning 70

Is their a simple answer

 

[maura123]

It wasn't through a bank, it was a mortgage company. No way they would have got it through the bank. My mam says she was desperate at the time and wanted to pay off the debts from the previous business, as she was getting threatening letters.

 

[aristotle]

Just wondering how the bank gave a mortgage that your parents could repay after 65/70 years?

I did not think a bank would allow a mortage mature after some one turning 70

Is their a simple answer

I know of people who took out 40 year mortgages at the age of 30/31 so its not unheard of. And it was from AIB.

 

[Joe Q Public]

The sub prime lenders had no such problems either.

With many sub prime mortgages having to be renegotiated people may well be well into their 80's before they are paid off. Some mortgages may never mature during the borrowers lifetime.