My brother (21) and myself (20) currently live with our mother, who has very recently been diagnosed with stomach cancer. We’re led to believe that she has weeks left to live. We found out yesterday evening.
My brother works and is earning around £18.5k before taxes. My mother is on about £15k after taxes. Our mortgage is £125,000~. All of the household bills come to £1,800 which my brother simply cannot afford on his own.
My brother is already paying the mortgage and has a percentage of ownership of 15%. We know that once our mother passes she is going to leave everything the two of us.
I’m currently studying at university which isn’t close to home. I’m on my second year but as of recently I’ve been absent for a few weeks given the circumstances. I have the intention of returning to study. My third year consists of a student placement, I planned to live at home and contribute towards bills etc.
For the time being however, my brother and I were wondering if there is any way that the mortgage lender could allow my brother to pay interest only payments up until the point I’ve graduated and can get myself into the mortgage as well.
My mother doesn’t have life insurance, she did have when she was with her partner but cancelled the policy when they split up. She feels that the policy would be void anyhow as she didn’t update them when she was diagnosed with breast cancer in October ‘17.
TL;DR My brother and I will be left with out mother’s house when she passes away. Would there be any way that we could keep it?
Submitted February 20, 2019 at 02:15AM by TomStaaples https://ift.tt/2V8kY0B
