Yep, even with less than 100k left on 14years mortgage as a widow with three children. The only option I see is to rent rooms in my home. However the UK government is taxing home owners for doing this… in order to keep their homes. Bastards
What would be better than the 50 year mortgage would be the assumable or portable mortgage wearby the buyer could take over the sellers mortgage at the sellers fixed mortgage rate generally at an average of 3 percent. This should unfreeze the housing market and it's up to our politicians to make this happen.
It's called "subject to" which doesn't require the mortgage to be assumable. I think most sellers are unaware of this option, while many of those that are often resist because the mortgage remains in their name, but there's ways to limit that risk, too.
You’re right, but unfortunately since most people are unaware of this option, it sounds risky and scammy to the them, so very few potential sellers are willing to consider it.
They can't sell because there are no buyers!
Yep, even with less than 100k left on 14years mortgage as a widow with three children. The only option I see is to rent rooms in my home. However the UK government is taxing home owners for doing this… in order to keep their homes. Bastards
What would be better than the 50 year mortgage would be the assumable or portable mortgage wearby the buyer could take over the sellers mortgage at the sellers fixed mortgage rate generally at an average of 3 percent. This should unfreeze the housing market and it's up to our politicians to make this happen.
It's called "subject to" which doesn't require the mortgage to be assumable. I think most sellers are unaware of this option, while many of those that are often resist because the mortgage remains in their name, but there's ways to limit that risk, too.
You’re right, but unfortunately since most people are unaware of this option, it sounds risky and scammy to the them, so very few potential sellers are willing to consider it.
Funny you brought up the 50-year mortgage thing — I’ll probably write about it next.
The 30 year mortgage was and is a con while the 50 is simply insane - 50 years a slave.
Yeah... almost like the sequel to that not-very-good movie everyone pretended to like.