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Council House Purchase - help

1356

Comments

  • BrassicWoman
    BrassicWoman Posts: 3,202 Forumite
    First Anniversary Name Dropper First Post Mortgage-free Glee!
    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/ £2400
  • Red-Squirrel_2
    Red-Squirrel_2 Posts: 4,341 Forumite
    BrassicWoman wrote: »
    and yet inevitable

    Can never believe how many people are prepared to actually sell their own mothers up the river.
  • charlesworth82
    charlesworth82 Posts: 313 Forumite
    First Anniversary Combo Breaker
    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’
  • charlesworth82
    charlesworth82 Posts: 313 Forumite
    First Anniversary Combo Breaker
    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’
  • charlesworth82
    charlesworth82 Posts: 313 Forumite
    First Anniversary Combo Breaker
    sunny1966 wrote: »
    if you mum is set on it, i'd do it but please dont think about any financial gain

    the intention isn't to sell (as you say where would she live - that was just a worst case scenario). She would be hoping to have it paid off in a few years
    ‘It ain’t over 'til it's over’
  • sheramber
    sheramber Posts: 19,016 Forumite
    First Anniversary I've been Money Tipped! First Post Name Dropper
    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?
  • Red-Squirrel_2
    Red-Squirrel_2 Posts: 4,341 Forumite
    charlesworth82 wrote: »
    Is this a dig at me?

    Of course it is.

    This plan isn't in her best interests at all.
  • charlesworth82
    charlesworth82 Posts: 313 Forumite
    First Anniversary Combo Breaker
    sheramber wrote: »
    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’
  • charlesworth82
    charlesworth82 Posts: 313 Forumite
    First Anniversary Combo Breaker
    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’
  • Mossfarr
    Mossfarr Posts: 530 Forumite
    First Anniversary Combo Breaker Hung up my suit!
    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.
This discussion has been closed.
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