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charlesworth82 wrote: »She doesn't have to worry about any of the costs as I can cover them all. Mortgage would only be about 7/8 years. you can sell after 5 (make a big profit) in worst case scenario
then where would she live? if you were longing to live together, you'd be doing it now
A son with mum's best interests at heart would be talking her out of it. She'll probably lose it in care fees anyway so there's no inheritence for you either way.2021 GC £1365.71/ £24000 -
BrassicWoman wrote: »and yet inevitable
Can never believe how many people are prepared to actually sell their own mothers up the river.0 -
Red-Squirrel wrote: »Can never believe how many people are prepared to actually sell their own mothers up the river.
Is this a dig at me?‘It ain’t over 'til it's over’0 -
BrassicWoman wrote: »then where would she live? if you were longing to live together, you'd be doing it now
A son with mum's best interests at heart would be talking her out of it. She'll probably lose it in care fees anyway so there's no inheritence for you either way.
Why would I talk her out of it. In around 7 years the house would be paid off and she would have no rent outgoings at all.‘It ain’t over 'til it's over’0 -
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Have you investigated Whether a lender will give you a mortgage if you are not living in the house?
Do you already have a mortgage so this would be a second mortgage?0 -
charlesworth82 wrote: »Is this a dig at me?
Of course it is.
This plan isn't in her best interests at all.0 -
Have you investigated Whether a lender will give you a mortgage if you are not living in the house?
Do you already have a mortgage so this would be a second mortgage?
Yes have checked with a lender and there is no issue with this.
This will be my second mortgage - which is where the original question was first raised.‘It ain’t over 'til it's over’0 -
Red-Squirrel wrote: »Of course it is.
This plan isn't in her best interests at all.
Of course it's in her best interest. A house that she doesn't have to pay for in a few years (saving her £350 a month). Nobody has put across any negative that would be worth not buying it in my opinion. (broken boiler etc.)
This is a lot of work for me to make hardly any money - in possibly years and years time.‘It ain’t over 'til it's over’0 -
As you will have gathered there is a lot of strong feelings on here about the 'right to buy' scheme but the fact is, at the moment your Mother does have the 'right' to buy her home if she so chooses.
If she wants to, when the mortgage is paid off in a few years time, she can sell the house for a large profit move back into rented accommodation and use her money to have a much better standard of living. This would also mean that if she needs care later in life she's unlikely to have any funds left to pay for it so it gets paid for her.
Its not fair but at the moment thats the way it is.0
This discussion has been closed.
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