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Buying flat from mum, EA fees, mortgages and other Qs
Comments
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wondershrimp wrote: »my mum has 3 (!) secured loans on her home, and none on the flat. as you can imagine i'm keen to see her pay of as much of these loans as possible with the proceeds of any sale.
her current loans are at 10% which was pretty schocking when she took them out (interest only) whereas i should be looking at 3% or so.
thanks for your help on this, i've made an appointment to see my bank on monday.
Good luck with your bank, also try a whole of the market broker for comparsions.
I agree with BexInLondon do be careful that you don't just give your mum more credit ability or you could just be back in the same place in a few years time. Is she likely to continue taking out loans if so you might be better discussing her signing over ownership of house & flat to you and your siblings so that can't borrow against the assets again.0 -
thanks for all the comments. my mum is having trouble controlling her finances for sure, as i said at the start if somebody comes in with a reasonable offer on the flat that is the best solution. but if not, and if i am in a position to be able to do so, then i will buy the flat so that she can pay off a chunk of her debts.
i can't be too hard on her, she's my mum!0 -
wondershrimp wrote: »
i can't be too hard on her, she's my mum!
Hmm.
Be hard enough though.
Else she will continue to do what got her here.0 -
My mum is dreadful with money and got herself into terrible debt when I was teenager, I love her as she is my Mum but I've learnt she still loves me when I'm hard on her about money.
Not sure of your mum's age but if she is still working then she really needs to think about how she will live when she retires. Whatever happens she will need to budget and getting into the habit earlier will just make it easier. Your mum may also be happy with you having control of her income, some people are just better with a set amount to spend every week, getting a monthly sum just makes them feel richer than they are.0
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