Mortgage Prisoner?

[IcanIwill]

I recently found out out my parents are in a deep hole with the mortgage they have, Currently paying it interest only at a rate of 5.5% with an outstanding arrears of £1,400 paying £25 a month off that. £107,000 outstanding on mortage so paying roughly £575 a month and nothing going off the balance of mortgage. (due to arrears credit score is shot)

Dads hours have gone down in work so they really cannot sustain this for the the forseable.

Reading up being a mortgage prisoner the knly thing criteria they do not meet is not having any arrears.

So if they are not mortgage prisioners what other route could they do without risking loosing there house?

Thanks in advance

IcanIWill

[SoniaFraser]

Have the same problem with my aunt. Hope to receive an answer. Maybe there is a way not to lose the house..

[Guest]

We pay £1200 a year (lucky as some people pay that a month) but paying interest we reduce the debt by bugger all.

[MikaeloBlur]

Looks like a case for a professional financial consultant. There are plenty of them, and I am sure you will be able to find one that will not charge too much for their work.
Also, you need to find out whether it is possible to refinance the loan and reduce the interest rate.
If your parents are older than 62 years old, they might look at reverse mortgages. This will allow them to convert the wealth accumulated in their home into usable cash money. They will not have to leave the house and will have the possibility to spend the money in the way they want.

[Sam101]

Who is the mortgage with and have you spoken with them to find your answer. The repayment rate may be lower if a different route were taken.

can any of the family afford to help pay the mortgage on the basis of buying part of the house by way of transfer with the mortgage lenders approval? Certainly you need professional advice but the first step is spek with the lenders.