This may be very identifying so I be changed a few details around. But the gist is as follows.
I have two siblings. Several years ago my parents remortgaged to lend sibling 1 £XXk to buy a house. This was paid back within a couple of years and then reborrowed again a few years later, and then all paid off.
Around the same time as the second loan to sibling 1, sibling 2 'borrowed' the same amount, again this was funded with a remortgage. This has never been paid back.
Sibling 2 is now borrowing the same amount again to fund a house move. So my parents are remortgaging AGAIN to fund this. My sibling will be paying the interest only, but will have no way to pay back the capital. Unlike sibling 1 who had a plan in place (overpaying the mortgage and expected pay rises), sibling 2 is never likely to be in a position to pay this back. The amount owed is eye watering.
I do not understand how my parents think this is going to resolve itself. They are now lumbered with a sizeable mortgage in their late sixties. Their own mortgage was cleared years ago. I don't know the details but surely the mortgage company are going to call it in within the next few years? Where is this money going to come from? Unless they sell their own house and downsize which may be on the cards.
To add further fuel to my uneasiness, we asked a few years back if we could expect the same help as my siblings and was told very firmly that 'the bank of mum and dad is closed'.
I am looking for ways to rationalise this in my head but I am just coming up with rage at the unjustness and the idiocy.
Please help me make sense of it.
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AIBU?
To be obsessing about the injustice of this?
49 replies
WibbleWobbleJellyHead · 28/06/2016 13:58
OP posts:
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