Please bear with me this might get complicated.
My parents brought me and my wife a house for 200,000 against their property worth 320,000 which as a four we pay together but only my parents are on the mortgage and technically own the property aswell. this is their total debt apart from minor credit cards and a small loan. We were paying £333 PCM interest only fixed rate for 2 years now it has gone up to £850 PCM this means I can't afford to pay off any balance.
I wondered as my parents technically own 2 properties worth 520000 in total with 200000 debt can they get a better rate.
The reason the mortgage hasn't been reduced thus far is because we renovated and purchased house for 150000 and spent 70000 bringing total to 220000 so main priority has been clearing high interest rate debt which has now almost gone.
Thanks in advance for any advice.:)
My parents brought me and my wife a house for 200,000 against their property worth 320,000 which as a four we pay together but only my parents are on the mortgage and technically own the property aswell. this is their total debt apart from minor credit cards and a small loan. We were paying £333 PCM interest only fixed rate for 2 years now it has gone up to £850 PCM this means I can't afford to pay off any balance.
I wondered as my parents technically own 2 properties worth 520000 in total with 200000 debt can they get a better rate.
The reason the mortgage hasn't been reduced thus far is because we renovated and purchased house for 150000 and spent 70000 bringing total to 220000 so main priority has been clearing high interest rate debt which has now almost gone.
Thanks in advance for any advice.:)