Hello
Wondering if anyone can offer some advice. My mum bought a flat for £75,000 a few years ago when the market was better. She has stupidly been paying interest only. Now she's had to retire due to to ill health and Im worried she will not be able to cope with the payments when they come off the interest only 5 year period. Can anyone offer any options, selling the flat is not optional as the prices have dropped dramatically and the current rental covers the mortgage and just a bit more.
Thank You
Wondering if anyone can offer some advice. My mum bought a flat for £75,000 a few years ago when the market was better. She has stupidly been paying interest only. Now she's had to retire due to to ill health and Im worried she will not be able to cope with the payments when they come off the interest only 5 year period. Can anyone offer any options, selling the flat is not optional as the prices have dropped dramatically and the current rental covers the mortgage and just a bit more.
Thank You