mortgage

[jingo1]

we are in arrears with our mortgage and facing court very soon.... have been trying to sell the house for the past 4 mths but with no success. We were wondering if my son, who is on a very good income, could get a mortgage and buy half our house and we could all continue to live here?

[hydrogoose]

yes he probably could but would this fix the problem as the monthly payments to the bank would still be the same,

Your son could pay towards the mortgage now, or if he requires some security before he pays for part of the mortgage, then yes you can sell him a portion of he property.

Have you considered making interest only payments on your mortgage - for the time being ?

[Mrs_Pegasus]

I daresay he could and it would help in the short term. However, what rent does he pay you to live there at the moment? If he bought 50% of the house what happens if there is a fall out in the family or he meets someone and wants to settle down and wants his equity out of the house. Its a large commitment and on the face of it is the answer to your problems but it could be the start of a whole new set.