Mortgage Advice For The Family
Keywords: mortgage advice, mortgage, advice, finance,
Even the wealthy need mortgage advice. The world may be full of rich people but they only get rich by having the right advice in the first place.
Even in the fanciest, biggest of properties money problems can strike.
However I, like the general population, do not fall into the category of wealthy and need, even more so, to hang on to what little I have. As a family, our money had been sufficiently managed but you just never know when hard times are going to hit.
When my husband left me, I was in danger of losing my home as I could not keep up the repayments by myself. Unsure of what to do for the best and under a great deal of pressure, I decided to seek mortgage advice before it was too late.
My mortgage adviser found that I was on a flexible mortgage. Otherwise known as an Australian mortgage. This enables flexibility over the years when it comes to repayments. Over payments can be made during the more financially comfortable times and reduced payments, or payment holidays, during the leaner times.
As far as I was aware, no over-payments had ever been made and this proved to be the case when I spoke to the bank. However, after my mortgage adviser looked further into our agreement, it became apparent that over payments were not neccessary. My house was on the market and attracting a lot of attention so a 6 month payment holiday was organised which, hopefully, would take me up to a completed sale.
During this time, I could decide what I wanted to do and with the help of my mortgage adviser, look at my options. We sat and discussed my personal situation. I was working full time at a local supermarket but not on a wage that could sustain a lone mortgage. I did have a lump sum left over from the sale of my house but not enough for a deposit and I didn’t want to waste it.
With a young daughter to care for I needed to continue to bring in a wage and also find somewhere else to live. My retired parents were just fantastic at looking after my daughter while I was at work so childcare was not an expense that I had to worry about, though I always tried to help out.
My parents were eager to help and althought their mortgage was paid off, they had no savings and not enough space to let us live with them long term. However, my mortgage adviser came out to discuss the options with all of us and came up with a solution.
My parents decided to take out a lifetime mortgage. This is specifically for the over 60’s and is a way to free up the equity within your property without having to move or sell. A long term loan was arranged, with no monthly repayments. The idea is that the loan will accumulate interest over the life of the plan and will be repaid on the death of the homeowner or on the eventual sale of the house.
My parents only had a relatively small house but its value was greatly increased with the amount of land it was on. With this mortgage, my father was able to build a two-storey extension to his house for myself and my daughter. I was able to make a small contribution towards this out of the proceeds from the sale of my house so not all equity was used in my parents house.
My childcare facilities were on site and, thanks to some great mortgage advice, everybody was happy with no financial losses.
Financial expert Shaun Parker looks into the options in mortgage advice for families. To find out more please visit www.pennypeople.co.uk
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