Help! I don't know where to start!

PomPom

I hope someone has some ideas for me

I (very fortunatly) own my home outright and my mother lives in an unsuitable housing association flat. I would like to buy her her own bungalow around the corner from where I live now. I do not have a fast amount of disposable monthly income but can (somehow I think?!) raise money against my house to buy her her own bungalow.

I have looked into buy to let mortgages which do not seem suitable as I would not be buying the property to make a montly income. ML will not touch equity release so I won't be going there. My salary could afford a small mortgage.

All ideas welcome.

Thanks.

slummymummyof3

In what way is her flat unsuitable? Can't you get an OT or similar to carry out an assessment and forward this to the housing association in order that they can provide her with alternative, more suitable accomodation or try and carry out alterations to improve its suitability in the meantime?

PomPom

This is an option although I feel like I would like to provide for her as she has done for me, if I can.

slummymummyof3

Lovely in principle, but what happens if the day arrives that she needs residential care etc?

I would see how accomodating the housing association are prepared to be before you perhaps un-necessarily commit yourself to the financial implications of buying a property for your mum. I think your mum would probably be just as touched if you arranged for the housing association to sort her current accomodation out in to something more suitable. If you don't need to enter the housing market at the moment while it has such a large degree of uncertainty, I really wouldn't.

timcrips

Be careful, buying into property at the moment has to be considerd. You are lucky to be in the position you are, and your mother may not want you to relinquish such a health asset.

Sorry I cant think of anything better than above but good luck

PomPom

Yes, I do agree. I hoped that because I own my own home I could use that to help her. I really feel more stuck about what to do now!!

ad9898_3

Could you extend your house, maybe with a "granny flat", it would be cheaper than the other option and add value to your home.

PomPom

It's too small. Just enough room for me and the cat!

Would anyone buy a house now if they weren't desperate??

ad9898_3

PomPom wrote: »

It's too small. Just enough room for me and the cat!

Would anyone buy a house now if they weren't desperate??

No, although there are people that do and that is obviously upto them, as long as you know that there is a long way to go yet, what happened with Lehmans today will send shudders all the way down the chain.

PomPom

How long do people think. A year, two..?

rizla01

Have you a large enough garden to build a 15ft x 18 ft building?

If so you could build a detached property at the bottom of your garde subject to planning for approx £30 - 40k which would go down as a home improvement.


OR

Could you not extend?

My Bro has just built a 20 x 12 ft extension on his house for his (EX) wife with no problems, and he had no trouble getting the OK from the local council. It even has it's own entrance Kitchen, Shower Etc. but runs of the existing elec meter.

Beautiful thought BTW.

x

(Have a kiss from me)