Mortgage with daughter & partner

Ids61

mackemdave wrote: »

What would happen if at sometime in the future your daughter and her partner split up,would you be a position to buy his share?

Possibly but who knows, this is the same scenario with any relationship, and this idea would benifit all , things could change in the future but as long as we have pre planned solution to every possibility it could still work. Thanks for your input

getmore4less

Ids61 wrote: »

Credit history is a bit of a mess, but through circumstances. Our problems however would be satisfied as all our debts would be paid off.
Our disposable would be significantly
more. Thanks for your help

Actualy they would be consolidated into the new mortgage.

getmore4less

Ids61 wrote: »

Possibly but who knows, this is the same scenario with any relationship, and this idea would benifit all , things could change in the future but as long as we have pre planned solution to every possibility it could still work. Thanks for your input

You need to plan for these as a minimum
Who owns what share and how are bills and othe expences paid?
Deaths
Children
jobloss
Relationship breakdowns

Then document the plan for each and multiple events and different orders.

Conrad

It's possible with a lender such as MBS. They can accept those with poor credit history as long as they can now see you have put your past problems behind you. Of course the whole case will have to stack up and make sense - for example is work close to all applicants, and Bank statements showing good conduct etc etc etc.

Dave101t

terrible idea, i cant even go into the reasons, but needless to say, its all of them!

getmore4less

Dave101t wrote: »

terrible idea, i cant even go into the reasons, but needless to say, its all of them!

THinking about it I agree it all looks very one sided.

Youngsters are OK where they are they risk a lot to get you out of a hole.

How much debt are we talking about.

Why cant you just sell and rent if the debt is that big a problem.

Clean record for 6 years and you will be in a much better position

freeasabird

You have a poor credit history and debts while your daughter and her partner have a good credit history and have age on their side when it comes to getting a mortgage.

I can't see what's in it for them especially as they won't initially have an equal share in the house. Not only are you going to take on a bigger debt but other members of your family will be financially tied to you.Why drag them into your financial problems.

If you really want to take responsibility for your financial situation; then you're going to have to make some sacrifices. If that means clearing your debts and renting, surely that will be better than taking on a mortgage that due to your age, you have no hope of paying off before you retire.

I took out a mortgage to help out my mother out of a financial situation that wasn't her fault. The only space I can call my own is my room and I'm still paying the mortgage even though I was made redundant. I cannot begin the describe the stress I'm under and I wish I hadn't agreed to do it.

Conrad

getmore4less wrote: »

THinking about it I agree it all looks very one sided.

Youngsters are OK where they are they risk a lot to get you out of a hole.

How much debt are we talking about.

Why cant you just sell and rent if the debt is that big a problem.

Clean record for 6 years and you will be in a much better position

I don't know, it's only in the UK where families have become atomised and individualistic. I find it common amongst my clients of Turkish, Italian Greek and Pakistani desent to all act as a unit be it for property buying, debt issues or caring for thier elderly.

Us long term Brits are much more self obsessed, quick to consign our loving mothers to homes, eager for inheritance, acting individualy.

Perhaps the parent are skint because of thier kids for example.

Ids61

getmore4less wrote: »

THinking about it I agree it all looks very one sided.

Youngsters are OK where they are they risk a lot to get you out of a hole.

How much debt are we talking about.

Why cant you just sell and rent if the debt is that big a problem.

Clean record for 6 years and you will be in a much better position

Debt is about 25k equity in property is hard to access as house prices vary but nxt door sold last month for 325k our mtgs is 160k.We spend alot of time looking after our gran children
my wife about 3/4 days a week so still seems a sensible idea despite the potential problems