Help/advice needed please.

J273

Hi all

My parents ar currrently going through a divorce at the minute and its in the final stages.


My Dad dont want to lose the house which i currently live in at the minute and cant see me moving out anytime soon.

My dads 66 and has managed to get a mortgage for the full amount needed with abbey....Its over 18 years @ 5yrs fixed rate 4.99% which is £309 a month.


He could pay this on his own no problem based on his income...... the thing is hes been told if anything was to happen to him id have to get out of the house.

There is another option though which is id have to go on the mortgage with him and i could continue to pay the mortgage if anything was to happen and stay in the house.


Im not sure if this is what i want to do though being only 23....i know my Dad can pay the mortgage and live on his own no problems.

So say if i wanted my own place in 2-3yrs or so id still be on the mortgage but he'd be paying it on his own.

Sorry i know its a little confusing ...Im just really unsure on what to do ...do i want to be tied down for this long even though i wont be really as he'll be paying it.

Or is the better option do you think,him going alone and if anything did happen to my dad id have to get out and get half th value of the house once sold.

hope this makes sense?

Any ideas/help would me much appreciated.

Many thanks

TEDDYRUKSPIN

Correct. You have just answered your own question. If you go on this mortgage and it is accepted by the company, this mortgage loan will be jointly held and you will be responsible to keep up repayments. Therefore, if you decide in the next few years to move in with a partner and buy a new property, this mortgage will be included in your total affordability i.e. you will borrow much less for the next property.

Any other solution? I will be surprised if your Dad will obtain another mortgage at 66 unless he is self employed.

Worse case scenario, this house will have to be sold and he will have to downsize.

J273

Yeah this is the best he's got and dont think he'll get any better.


I just dont know if i want to be on the mortgage or not.

Really unsure on what to do tbh.


He can go alone but if anything was to happen to him id have to get out of the house.


As said though he could pay it no problem on his own say if i was to go and rent my own place .etc

TEDDYRUKSPIN

My question is.... has he been offered the mortgage on sole name already over 18 years? If so, why do you have to go on the mortgage?

opinions4u

J273 wrote: »

He could pay this on his own no problem based on his income...... the thing is hes been told if anything was to happen to him id have to get out of the house.

Why? Who has told him this?

Who inherits his estate if he dies?

If it's you, and you could afford to take on the mortgage, then there isn't a problem.

If you can't afford the mortgage, or you don't inherit the estate, then that is the time to move on to somewhere else in life.

J273

opinions4u wrote: »

Why? Who has told him this?

Who inherits his estate if he dies?

If it's you, and you could afford to take on the mortgage, then there isn't a problem.

If you can't afford the mortgage, or you don't inherit the estate, then that is the time to move on to somewhere else in life.

Hi yes....He was told i would be classed as a squatter .


But yes he was told he can get this mortgage on his own over 18yrs in his sole name.

opinions4u

Hi yes....He was told i would be classed as a squatter

You wouldn't be.

That said, if he did pop his clogs and leave a mortgage outstanding that you were unable to take over for whatever reason then you would most likely need to move.

To look at ways of best protecting your interests, talk to a solicitor about him making a will (or adjusting an existing one), ensuring you discuss the implications on your residency if he dies.

Additionally, he could consider some sort of life cover, although it wouldn't be cheap at his age.

jill2002

If you were resident in the house when he takes the mortgage, you will have to sign a Deed of Consent which would effectively ensure that if your dad could not pay the mortgage and the property were repossessed, you would have to leave the property. If your dad were to die, the property would go to his estate. The property would then be sold and the mortgage repaid and the surplus funds split between whoever was named in the Will. Or, you would be allowed to stay in the property, if you could take on the mortgage.

You seem to say that if he died, the property would be split two ways, in which case you may have to give the other party their share of the equity and therefore, possibly increase your mortgage to pay this.

Why don't you go with your dad next time to the abbey and the mortgage advisor can explain everything to you in better detail.

J273

Ok...Many thanks

I understand better now.