Hi All,
My sole parent has recently passed away. I'm an only child and i've been left with a mortgage of about 170k from Pepper (which was bought from a bank that left the market). My parent had no life assurance to cover the mortgage due to remortgaging (still not 100% sure of the details, but there is no policy). Also, she was paying interest-only for the few years before she passed.
Aside from the house, I was left very little in terms of liquid cash to settle her affairs. All expenses have been paid out of my pocket so far, however I did very recently get a payout of a pension (around 150k).
I was speaking to a financial advisor and they gave me the advice to try negotiate a once-off payout of the mortgage, at a reduced rate. They said because the mortgage isn't in my name (never signed anything), the fact there was no life assurance on the mortgage (an oversight on peppers side) and the mortgage is due to expire in 2026, puts me in a good position to offer a lower amount to close the debt. The advisor said that because my parents mortgage is sub-prime debt, they may be willing to accept slightly less than the owed amount to put this to bed. The fact that i've inherited this debt and this is my primary residence also bodes well for my argument.
I asked my solicitor if he had experience with this kind of thing, and he didn't. He also doubted I would get anything, expecially with the payout i've gotten recently.
My question is, what do you all think? If I were to offer to pay 140k to close this mortgage (need the 10k to get my own money back for funeral, legal and other debts), how likely am I of getting accepted?
Any advice would be greatly appreciated.
My sole parent has recently passed away. I'm an only child and i've been left with a mortgage of about 170k from Pepper (which was bought from a bank that left the market). My parent had no life assurance to cover the mortgage due to remortgaging (still not 100% sure of the details, but there is no policy). Also, she was paying interest-only for the few years before she passed.
Aside from the house, I was left very little in terms of liquid cash to settle her affairs. All expenses have been paid out of my pocket so far, however I did very recently get a payout of a pension (around 150k).
I was speaking to a financial advisor and they gave me the advice to try negotiate a once-off payout of the mortgage, at a reduced rate. They said because the mortgage isn't in my name (never signed anything), the fact there was no life assurance on the mortgage (an oversight on peppers side) and the mortgage is due to expire in 2026, puts me in a good position to offer a lower amount to close the debt. The advisor said that because my parents mortgage is sub-prime debt, they may be willing to accept slightly less than the owed amount to put this to bed. The fact that i've inherited this debt and this is my primary residence also bodes well for my argument.
I asked my solicitor if he had experience with this kind of thing, and he didn't. He also doubted I would get anything, expecially with the payout i've gotten recently.
My question is, what do you all think? If I were to offer to pay 140k to close this mortgage (need the 10k to get my own money back for funeral, legal and other debts), how likely am I of getting accepted?
Any advice would be greatly appreciated.