Hi I am looking advice for a relative I am concerned about.
She is 60 years of age, working, unmarried but in a (loveless) relationship, they have a join mortgage which runs until they are 70, I can not fathom how they got this mortgage, I think it was a case of a "mate" they kinda knew who got them a mortgage well above their means. The partner has been unemployed for 5 years now, he is mid 60's in the construction industry who is never going to working again. She has just been diagnosed with a debilitating disease and will probably be unable to work in the next year or so. They owe 300k on an apartment worth about 140k. The have a second property worth about 80k with an outstanding mortgage of 50k. Different banks. The've been on interest only for about 3 years now.
She has been under huge pressure since the crash, but has managed to shoulder all the bills herself until now. Her disease is progressive and she has no children to take care of her, so I'm looking to do my bit. She has enough to deal with, without having money and debt problems.
I think she would leave her partner (a useless leech in my opinion) if it wasn't for the joint mortgage.
She is welcome to come live with me, and at this point in her life it would be great if she could achieve "debt forgiveness" she can hand back keys to her home. Also she's never claimed social welfare in here life and has worked continuously since she was 16, I'm pretty sure if she never met her partner she'd be a wealthy woman.
I want her to move in with me and never have to worry about a phone call or letter from the bank again.
So I'm here looking for advice on how to make this happen, where do I begin???
Thanks
She is 60 years of age, working, unmarried but in a (loveless) relationship, they have a join mortgage which runs until they are 70, I can not fathom how they got this mortgage, I think it was a case of a "mate" they kinda knew who got them a mortgage well above their means. The partner has been unemployed for 5 years now, he is mid 60's in the construction industry who is never going to working again. She has just been diagnosed with a debilitating disease and will probably be unable to work in the next year or so. They owe 300k on an apartment worth about 140k. The have a second property worth about 80k with an outstanding mortgage of 50k. Different banks. The've been on interest only for about 3 years now.
She has been under huge pressure since the crash, but has managed to shoulder all the bills herself until now. Her disease is progressive and she has no children to take care of her, so I'm looking to do my bit. She has enough to deal with, without having money and debt problems.
I think she would leave her partner (a useless leech in my opinion) if it wasn't for the joint mortgage.
She is welcome to come live with me, and at this point in her life it would be great if she could achieve "debt forgiveness" she can hand back keys to her home. Also she's never claimed social welfare in here life and has worked continuously since she was 16, I'm pretty sure if she never met her partner she'd be a wealthy woman.
I want her to move in with me and never have to worry about a phone call or letter from the bank again.
So I'm here looking for advice on how to make this happen, where do I begin???
Thanks
