My parents are seperating. The big issue is that they have been on an interest only mortgage, and have saved no capital to pay it off at the end of the term in 4-5 years. The house was appraised at £425-450,000 before COVID, and the mortgage is around £180,000 leaving them with approximately £200-250,000 after fees and everything when they are forced to sell.
My mum wants to keep the house, which seeing as they owe £180,000 and aren't paying it off, is never going to happen. My dad wants to sell the house now so he can buy a small little place with some of the money.
If split evenly, the remaining money equates to very very little in terms of property in the area we live, not even really a 1 bed flat each. If not split evenly, one is miserable and barely in a livable place. In an ideal world, finding £280,000 would pay off the mortgage for my mum and give my dad enough to move somewhere suitable for him.
What the hell do they do?
Submitted October 19, 2020 at 07:41PM by fofizzleshizzle https://ift.tt/3jcPZvW
