Hi all,
I was hoping someone could offer some advice.
My father is a self employed builder, and has been struggling financially and medically.
He owe's just under £10,000 on a house worth £200,000.
We were looking to see if he could release equity on the house in order to pay off the remainder of the mortgage - so he would have one less bill to pay a month. But on reading up on Equity this morning, I see that he would not be eligible if there's a balance outstanding on the mortgage and that I would have to sell the house upon his death. We would rather keep the house in the family.
Is there any other alternative's?
As I know the house will be mine one day - I am willing to take on the debt myself but I have a very poor credit rating.
I just want to take the mortgage worry from him.
Any help appreciated.
I was hoping someone could offer some advice.
My father is a self employed builder, and has been struggling financially and medically.
He owe's just under £10,000 on a house worth £200,000.
We were looking to see if he could release equity on the house in order to pay off the remainder of the mortgage - so he would have one less bill to pay a month. But on reading up on Equity this morning, I see that he would not be eligible if there's a balance outstanding on the mortgage and that I would have to sell the house upon his death. We would rather keep the house in the family.
Is there any other alternative's?
As I know the house will be mine one day - I am willing to take on the debt myself but I have a very poor credit rating.
I just want to take the mortgage worry from him.
Any help appreciated.