39 year old has not acted very responsible up to now but since bank has moved to take the house she is starting to act now[/QUOTE]
Is this your daughter?
Is your name on the title to the Pyrite house?
Who is living in the Pyrite house?
Mortgage in arrears and negative equity, but 69 year old joint borrower
- Thread starter sellornot
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39 year old has not acted very responsible up to now but since bank has moved to take the house she is starting to act now[/QUOTE]
Is this your daughter?
Is your name on the title to the Pyrite house?
Who is living in the Pyrite house?
Is the person somehow related to you? Are there children in the house.
You are co-owner. You can move in there. I don't want you to start a war, but with you looking like going homeless and a person who created this mess not being very helpful I'd be looking at all options. It seems you are the one worrying and left in a mess at your age, that's not nice, and that's putting it mildly.
What is your ideal solution? Be realistic. I'd also like to see the figures on the 39 year old's income and expenditure.
You are co-owner. You can move in there. I don't want you to start a war, but with you looking like going homeless and a person who created this mess not being very helpful I'd be looking at all options. It seems you are the one worrying and left in a mess at your age, that's not nice, and that's putting it mildly.
What is your ideal solution? Be realistic. I'd also like to see the figures on the 39 year old's income and expenditure.
not related to me no children involved
Best solution that the 39 year old would transfer her share of the property to me and I would pay off the mortgage and sell the property when the pyrite is repaired.
sellornot
It's like dragging teeth here SorN.
What is preventing her transferring it to you? There is something you're not telling us. How did you get into this? I presume that is at play here.
No children is good. So it can be clean.
You have money. You have a property. You are joint owners with her on a separate property. She's paid the mortgage, in some way. But that's really irrelevant because of the NE.
What cost to make her go away, is that another way of looking at this?
What is preventing her transferring it to you? There is something you're not telling us. How did you get into this? I presume that is at play here.
No children is good. So it can be clean.
You have money. You have a property. You are joint owners with her on a separate property. She's paid the mortgage, in some way. But that's really irrelevant because of the NE.
What cost to make her go away, is that another way of looking at this?
It's a long story and I don't really want to get into the personal stuff, the bottom line is I think we are getting close to a deal
If you read the post from the start you should get a good picture of most of the details
I have got a lot of good advice on this forum, some hard hitting but it made me tease out the problems I am facing
Its going to cost me my pension pot, but at the end of the day I will be free, from my ex and the bank
To all those who think of not paying their mortgage don't do it, get in touch with your bank first sign of problems ( Bank has contacted me, No deal pay up look happy)
Thank you all for your input it's not over just yet but hopefully soon.
sellornot
If you read the post from the start you should get a good picture of most of the details
I have got a lot of good advice on this forum, some hard hitting but it made me tease out the problems I am facing
Its going to cost me my pension pot, but at the end of the day I will be free, from my ex and the bank
To all those who think of not paying their mortgage don't do it, get in touch with your bank first sign of problems ( Bank has contacted me, No deal pay up look happy)
Thank you all for your input it's not over just yet but hopefully soon.
sellornot
What deal do you think you are nearly at?
The best solution would be for her to move out and get on with her life and leave you to sort it out. She has an income of 2k a month.
You could pay of the arrears. Sort out the pyrite and sell. Meanwhile you could move in and rent the two rooms for 1k tax free to help with the mortgage.
How much would the repayments be if you paid off the arrears.
As an aside, it's very odd the bank gave a mortgage to you in the first place if the end date is when you are 80. That's the worst I've heard.
The best solution would be for her to move out and get on with her life and leave you to sort it out. She has an income of 2k a month.
You could pay of the arrears. Sort out the pyrite and sell. Meanwhile you could move in and rent the two rooms for 1k tax free to help with the mortgage.
How much would the repayments be if you paid off the arrears.
As an aside, it's very odd the bank gave a mortgage to you in the first place if the end date is when you are 80. That's the worst I've heard.
Brendan Burgess
Founder
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Do they not go by the age of the younger of the two joint borrowers? Maybe not.
All will be reveled when/If the deal is done
actually I will be 77 years of age in 8 years time when the mortgage should be fully paid.
Have I got a leg to stand on? or should I complain? should I look for compensation? would I get it?
I can see the headlines
Bank of Ireland Gave a mortgage which will finish when the man is 77 years old
Surly BOI would not make a mistake like that
sellornot
actually I will be 77 years of age in 8 years time when the mortgage should be fully paid.
Have I got a leg to stand on? or should I complain? should I look for compensation? would I get it?
I can see the headlines
Bank of Ireland Gave a mortgage which will finish when the man is 77 years old
Surly BOI would not make a mistake like that
sellornot
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It looks like that, maybe that's why the statements and certificate of interest are issued in the younger mortgage account holders name only .
Well it depends how you look at it. When I was working in banking there was a court case taken by a customer who claimed age discrimination because she was refused a loan 'at her age'. She had an income sufficient (from pension) that would have meant approval for a person of a younger age. She won. When is it discrimination and when not?
I know in our branch we gave an 81 yr old a mortgage, loads of income and more than sufficient life cover assigned to bank to cover the loan when he died, I think it was just a 10 yr mortgage and actually I don't think he did die before the end of term either.
If there is going to be sufficient pension income to pay the mortgage and life cover in place then I don't the problem.
I know in our branch we gave an 81 yr old a mortgage, loads of income and more than sufficient life cover assigned to bank to cover the loan when he died, I think it was just a 10 yr mortgage and actually I don't think he did die before the end of term either.
If there is going to be sufficient pension income to pay the mortgage and life cover in place then I don't the problem.
Gordon Gekko
Registered User
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- 7,843
When I moved, the bank assessed my pension provision and allowed the mortgage to run to 70, notwithstanding the fact that I've a mandatory retirement age of 65.
This doesn't make sense to me. Does this mean you don't even know what is or isn't being paid? The banks wants you to pay but you're out of the loop of correspondence on the mortgage.