Hello,
This is my parents current situation. I’ve just spoken to my mother who has informed me that my father has taken out a substantial loan against their mortgage free house. My fathers only real income his state pension and my mother works 3 days a week for the NHS. The house has hugely inflated in value in the last couple of decades but their monthly income only just about pays the bills.
From what I’ve read online, this must have been taken out fraudulently as they are joint owners and she has not given her consent. I also have no idea how he got it approved as his income is so poor, I worry about what kind of interest rate he has. (I really don’t understand these kind of loans FYI and am trying to wrap my head around it all.)
Does anyone know what can be done? My mother is terrified of losing the house and apparently my father is thousands of pounds overdrawn so we have no idea where the loan money has gone, not to mention where all his savings have gone.
Any advice would be greatly appreciated.