Can you draw a loan against a future inheritance?

marleyhull

Situation is that i have about 25k of card debt and am in arrears on my mortgage. I am self employed but have been unable to draw money out of the company due to things being tight. If the company goes bust i will probably go bankrupt. My mothers house is worth 300K + and has been left to myself and two brothers in her will. Are there any companies that offer a loan against a future inheritance?
My mother is not in the best of health and whilst she is keen to help trying to explain to her about equity withdrawal is not an option. Any advice leads appreciated.

CLAPTON

no... no-one will give a loan on that basis as your mother may change her mind or whatever.

dane-katie

I agree with Clapton, you might be best seeking help from CCCS about your debt and mortgage arreas.

iolanthe07

The only way would be by raising some sort of mortgage loan secured on the house. After all, from a bank's point of view, she might suddenly decide to leave everything to Battersea Dogs' home.

marleyhull

All good points, thank you. I am now in touch with my brother about him buying my share of the inheritance and getting my mother to change her will to give him two thirds of the house.

ILW

This all sounds a little distasteful to me, carving up your mothers estate while she is still alive. To be honest if I were her I would write you out of my will tomorrow.

Inactive

ILW wrote: »

This all sounds a little distasteful to me, carving up your mothers estate while she is still alive. To be honest if I were her I would write you out of my will tomorrow.

Agreed, what a disgusting thing to even be thinking about, I do hope that she leaves it to charity.

PaulLuke

Aside from being extremely distateful, if your brother did buy your 'share' out but your mother did not change her will or choose to change in a way which did not suit your plans then he could end up being seriously out of pocket. Similarly if the home ends up being sold for nursing home costs. As other posters have said and this may sound harsh, you need to sort out your finances separately from any questions over inheritance.

jamesd

"she is keen to help" so you might want to consider not being as critical as some have been about marleyhull's character.

ILW

jamesd wrote: »

"she is keen to help" so you might want to consider not being as critical as some have been about marleyhull's character.

I still feel deeply sorry for the lady.
I have got myself into the financial do do in the past, but it would never have occured to me to think of my mothers death as a way out. But then again I may be completely misguided or too sentimental.

jamesd

It's her money. If she chooses to be keen to help that's her prerogative, just as it would be if she wanted to leave nothing (except in jurisdictions where the law prohibits leaving nothing to children). For all we know she simply offered on her own initiative.