DSS -Selling and renting

dopester

If I've read this correctly, which I'm not fully sure I have, the parental home was bought with a mortgage of £24,000 (way back when). Then £180,000 was equity-released at some point in recent times (probably 2005-2007).

What happened to the £180,000? Where did all that go? Have they got 1 or more buy-to-let properties, or a place abroad?

storeton wrote: »

As for the DSS side they would pay only the 1st £24000 (the original mortgage) as the £180000 was a remortgage .

storeton wrote: »

Natwest our bank say not enough earnings for £180000 needed to pay intrest only parents mortgage off ,even though house valued at £250000,using a standard remortgage even though we would be 1st time buyers and not a buy to let

RAS

The rules.

storeton wrote: »

As for the DSS side they would pay only the 1st £24000 (the original mortgage) as the £180000 was a remortgage .

That is standard.

The cost of renting anything not in "Dodge City" is double their mortgage as few under £1000 a month even in Merseyside are hardly worth a look,dad says rather live in tent in local woods.

That is irrelevant - what is the Local housing Allowance becasue that is the maximum that the LA will pay towards a rental property if you parents lose the house.

storeton

House bought in 1989 for £840000 and remortgaged in 2000
as for residue that went because my father could not work due to illness from 1990 so debts which accrued had to be paid and unfotunately not other properties especially in Spain!
I thought everyone had cards/loans of at least £30000 especially if they have been to university , the amount is still up to the indidual whatever he earns
No I have no trouble about going to a broker but just want to find the right one
council in this area allow max ot £134 per week housing allowance
For me and my sister and younger brother dad put us through private education for 13 years,his decision to invest in his childrens future,old fashioned yes but for his children it paid dividends we are all gainfully employed
What we are trying to do is pay him something back,he does not claim any state benefits and would not ,again old fashioned but he refuses to be a scrounger on the state but his insurance sickness benefit ends in 2 years

pingu2209

No, not everyone has cards/loans of at least £30,000, even if they did go to university. I went to university (with no money from parents) and am only 2 years older than you. I left with about £4,500 debt because I worked waitressing in all the holidays and in ASDA during term time.

The only people I know with debts of that amount from student life were those who didn't work to pay their way through uni. Or they worked but then spent the money they earned on going on holidays on the beach or skiiing, rather than paying off debts. Even those friends with large debts from Uni have paid them off by the time they are 31.

pingu2209

If I paid for my daughter to go to private school and she earned £12k at 24 years old, I would be tempted to think it was a waste of money.

storeton

PINGU
my heart bleeds for you,sorry your parents invested their money in something other than your future,as for sisters earnings,my borrowing and private education this is a personal matter so please keep your biased opinions to yourself ,I'm not intrested heard it all before
storeton

LuFo

storeton wrote: »

I am on benefits from the DSS.
My wife and I have a joint mortgage which the DSS give no help on
We have the opportunity of renting another house with possible help from DSS,

storeton wrote: »

What we are trying to do is pay him something back,he does not claim any state benefits and would not ,again old fashioned but he refuses to be a scrounger on the state

Is it me or is this contradictory?

pingu2209

storeton wrote: »

PINGU
my heart bleeds for you,sorry your parents invested their money in something other than your future,as for sisters earnings,my borrowing and private education this is a personal matter so please keep your biased opinions to yourself ,I'm not intrested heard it all before
storeton

Storeton, I had a private education; as did my brother and sister. I whole heartedly believe in giving one's children (of which I have 3) the best education you can. In fact I believe it is your parental duty. However, that duty is limited to what is financially wise.

I would not embark upon a private education without first ensuring financial security for my current and old age.

At 24 I would expect a well educated person to be earning a lot more than £12k. In fact, children of family friends received a state education and left school at 16 (a few at 18) all earned more than £12k at 24. It really isn't a great wage considering the quality of education your sister would have received.

Even if she left Uni at 21 so has only been in work 3 years, £12k is less than a graduate salary.

Regarding your families income and education being a private matter; doesn't the fact you asked for feedback on this open site and gave those details out to thousands of total strangers mean that you have waived the concept of 'personal information'?!

JA1000

storeton wrote: »

I have income of £32500 +performance bonus of £160000 Iam 31 years old
I

Wait until you get your bonus and pay for it outright.

JA1000

storeton wrote: »

PINGU
my heart bleeds for you,sorry your parents invested their money in something other than your future,as for sisters earnings,my borrowing and private education this is a personal matter so please keep your biased opinions to yourself ,I'm not intrested heard it all before
storeton

A personal matter posted on a public forum accessible by the whole the world?