How can I pay off my father's equity release mortgage?
Posted on 29 June 2013 by Karen
My question is about my fathers equity release morgage. I believe he has borrowed £20k 13 years ago and @ 7.75% interest he now owes about £66k (the property was valued at £120k) He is over 80 years old and living on his own and instead of me renting, we are wondering if it would be possible for me pay off the outstanding debt and move in with him. Our biggest problem is trying to contact Northern Rock any phone numbers and web sites keep leading us up blind alleys. The age of the policy means Virgin Money cannot find his details. He has all his paper work. Would be very interested in any suggestions you can give us. Thanks Karen.
I'd have thought that your proposal makes sound sense if you have the funds available.
I'm guessing that as this loan was taken out 13 years ago, this would have fallen into Northern Rock Asset Management rather than the newly created Virgin Money. The attached link will take you to their website, and I would be hopeful that they can help you. http://www.n-ram.co.uk/
If you still have problems, then please let me know and I'll see what else I can do to help.
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