Securing a loan on a parent's property

somethingcorporate

Except in your scenario going unsecured would be far less risk and a better idea.

If the brother has a steady income and low outgoing then he could get it himself, also a better idea.

Unfortunately you will have to go a long way to convince me that securing is going to be the best way forward on this one.

I have respect for the oldies far more so than the generations that followed them.

RichGold

LovelyLeeds wrote: »

And yes, shame on your brother for leeching on your mum's heart and goodwill - awful.

Borrowing from a third party against your parents house when you already obviously cant raise the money by other means yourself is wrong.
If this goes wrong.....

Think about it.

immoral_angeluk

I can only see that ending badly I'm afraid. I would hope that his mum doesn't go ahead...

tamzing

Emmzi wrote: »

It's five grand to finalise the divorce settlement, brother has a steady job and low monthly outgoings, mum can get the money fast and is happy to help and of sound mind. It's her house, why shouldn't she do what the hell she likes with it?

OP may be worrying about his inheritence. OP may have genuine concerns. But why do kids get to a certain age and assume mum has lost her marbles just because she has different ideas about family values?

I may be completely wrong but there isn't enough info to advise either way. And if MY kids started telling me how to run my finances after I'd managed to raise them through good and bad financial times I'd tell him to do one. Old =/= stupid, senile, vulnerable, neccessarily! How about some respect for the oldies?

OP couldn't care less about inheritance! Amount is a LOT more than £5k. Mum has all her marbles, thanks. Why do you assume that my post means she hasn't? I care about my bro, but do not want mum to put her own future at risk. Brother has part time job & has made a number of poor financial decisions in the past. He has his own assets which he is refusing to liquidate & I am not confident he will be able to support repaying the loan as well as his other monthly expenses.

hcb42

Tamzing - the post made by emmzi was an example situation to the previous post - not a reflection on your mother....

Emmzi

Tamzing, how much does he want to borrow, why, and what assets does he not want to liquidate?

Can't get proper answers and opinions on half a story mate...

Tubbss

Bother made poor credit decisions in past and refusing to liquidate own assets yet is wanting his mum to liqidate hers - no brainer here my friend - tell her "no bloody chance". If he aint willing to put his own property at risk (knowing it will go tits up) then why should he expect his mum to do it!

ashaput

Secured loans, in anyway should be the last choice in taking financial aid. So when your brother comes up with this idea, it should be about something urgent and there is no other way out but taking this loan. Personally, I will convince your brother to not doing this. Unless, he has a plan on how to pay off the loan. This should be think of very carefully.

CH27

No way should anything be secured on your Mum's house.

Devils-Advocate_3

Emmzi wrote: »

It's five grand to finalise the divorce settlement, brother has a steady job and low monthly outgoings, mum can get the money fast and is happy to help and of sound mind. It's her house, why shouldn't she do what the hell she likes with it?

OP may be worrying about his inheritence. OP may have genuine concerns. But why do kids get to a certain age and assume mum has lost her marbles just because she has different ideas about family values?

I may be completely wrong but there isn't enough info to advise either way. And if MY kids started telling me how to run my finances after I'd managed to raise them through good and bad financial times I'd tell him to do one. Old =/= stupid, senile, vulnerable, neccessarily! How about some respect for the oldies?

Pipe down. It is OBVIOUSLY a bad idea. Shame on you for trying to convince otherwise. :mad: