Loan for Retired Couple?

immoral_angeluk

Without wishing to sound morbid, I don't think the OP's plan is a good idea at all, if only for the reason that if one of them were to die it would potentially leave the other in a huge mess at a emotionally crippling time.
I think it is totally unfair on the parents to take out a loan at their age to fund a house deposit for the OP, especially when anything could happen to either parent...

rhys9918

I really cant believe how many posters here have failed to READ my posts in detail. I am truly flabbergasted.

I give genuine thanks to those who have offered fair responses to my comments, but the rest of you I just give in.

I joined this forum thinking it 'could' save me money, but seeing the replies (and reading other posts on the forums), it seems that people can be quite negative and unhelpfull.

The common theme in many of the replies is to get a bridging loan. This route would be very costly, where is the money saving there.

:mad:

Emmzi

thing is tho, It's not money saving at any cost. There's still value and morals etc, which vary from person to person.

Why not write to Martin and ask him to pose it as the money saving dilema of the week??

rhys9918

I dont think so, will see hows things pan out.

immoral_angeluk

You have to accept that people can only reply to what is laid in front of them. People on here although opinionistic often have the best intentions at heart and if a bridging loan seemed like the most appropriate solution given the cirucmstances presented then what else would you expect? Them to lie to you and say what would be potentially detrimental to either you or your parents?

immoral_angeluk

Emmzi wrote: »

thing is tho, It's not money saving at any cost. There's still value and morals etc, which vary from person to person.

Exactly. It's moneysavingexpert.. not money saving mobster.

nicechap

rhys9918 wrote: »

I really cant believe how many posters here have failed to READ my posts in detail. I am truly flabbergasted.

I give genuine thanks to those who have offered fair responses to my comments, but the rest of you I just give in.

I joined this forum thinking it 'could' save me money, but seeing the replies (and reading other posts on the forums), it seems that people can be quite negative and unhelpfull.

The common theme in many of the replies is to get a bridging loan. This route would be very costly, where is the money saving there.

:mad:

perhaps you could set out your figures for us to review? Please include current mortgage balance and payments and house value as well as new house value, mortgage etc etc,

If a friend came to you and asked to borrow £25k against your house, or pension, what would your reply be?

bouncydog1

I don't think people have failed to read your post in detail - I certainly read it properly. People have responded to you taking into account the facts you have laid out being:-

You want to move house but cannot afford to do so because you do not have available funds to put down as a deposit on the house you want to move to;

Your parents have offered to lend you money that they don't have so have to take a loan to do so.

You don't like the way that people have responded which is on the basis that they have looked at the whole picture - not just at your position. We have tried to point out areas that you might not have thought about. Just because you don't like the replies there is no need to try and insult people by making the assumption that they have only read what they want to see.

As other people have pointed out this site is not about money saving at any cost - there is a moral side to all of this as well.

Why don't you do what another poster has suggested - set out your income and outgoings and people will try to help you by looking at all the figures.

If you don't want to do this then fair enough, but please don't insult other people's intelligence just because they don't agree with you.

PaisleyPPL

what happens if you dnt sell your house and buy this new 'dream' house, can you afford to pay for both ? im assuming you cant, therfore is it not a better idea to wait untill you've sold ,theres lots of houses out there, im sure you could find another. ppl are in such a rush these days :cool:

rhys9918

Yes I can afford to pay both. And there would be the option for a short term let if needed.

We plan on paying thier loan until it sells anyway - and to pay them a premium when we settle - so they dont need to afford the loan.

We have just gone for a bigger deposit, to keep the interest rate down. Seems sensible to me. If the house doesnt sell, we will 'give it away' at a knock down rate and still have enough equity to pay off the in-laws loan.