For my Mum

exarmydreamer

Hi, I've never posted before but here it goes. I have a few bills that have mounted up and lots to pay out. Which has been manageable but my mum took out an interest free morgage which is due to end next May and she can't afford to pay it off. my mum and dad are quite old and have no money due to long term ill health(father). So I have decided the best way for me to help is to clear my debt as quickly as possible and then start raising a deposit to buy their house for them. It's ex council and will only cost £26K. My debt at the moment is £15281.75, not including the morgage which is £119K, I have been paying extra off my morgage because I was hoping to move to a larger house, I have 3 boys with autism and adhd, so more room is needed but family come first.

I came across this site last week and find it really homely and kind. I am a bit of a spender - I think I feel that I deserve it and just give in to the pull of the shops especially huge food bills and kids clothes. Anyway here starts my journey to help my mum. Thanks for reading.

PS Could anyone please tell me how to use the little smiley faces, thanks.

McKneff

You cant buy their house for them, they are the tenants, they have the right to buy, the mortgage would have to be in their name.
So I think that one's a no go.

exarmydreamer

Hi, Thanks for your post, I probably didn't make it clear. I want to be able to pay the morgage off or give them enough to deposit down on a repayment morgage as they are retired. Either way I have to pay my burden off first:

Bank loan £11359.97
Bike £1963.78
M&S cc £1000.00
Next £958.00

Never really had the incentive before, just coasted along but now have a reason and motivation. Thanks.

McKneff

Try to slow down a bit, you said one (or both) of your parents suffers ill health, if the own their own home and they have to go into care, it may be that the house would have to be sold to pay for that care, sort yourself out first and see how it goes. I bet you all have enough clothes to last you all for ages so you dont need to spend on those for a long time.

Presumably you want to throw as much money at your debts as you can. Can you post up an SOA so we could help you to budget

(to get the smiley, when you are typing your post, there is a flag underneath that say 'go advanced' there are some there to click on and click on 'more' to see more:D

exarmydreamer

Hi, I'm not ready to post an SOA, I'll do it when i'm ready. My parents haven't paid one penny of the capital amount owed. So unless they get another morgage next year, they won't have a home to sell if they go into care. My mother has just recovered from cancer and my father stokes and heart attacks with diabetis, he cant get to the toilet upstairs by himself, so i worry for my mother. Worked all their lives but self employed, no savings, no private pension etc. Can't sell the house, it's a wreck and hasn't even got central heating. We have plenty of stuff which is why we have debt. My LBM has come already last week when I finally realised I had to do something but maybe not this forum after all. thanks for your help.

DawnW

I think it is lovely of you to want to help your parents. Is it worth first having a chat with the CAB to help you decide the best course of action? It is unlikely your folks would get a mortgage if they are elderly and in bad health - would you look to buying the house for them, and letting them live in it as long as possible? This would get around the issue of them having to sell if they needed residential care, as the house would be owned by you.

There used to be something whereby you could sell your house to a company and live in it as long as you needed to as a tenant. I don't know if this is still possible, or a good idea, which is why the CAB might be a good first step?

What about the Council, or housing association - would they take it back, given that your parents are in poor health and vulnerable?

Sorry if your first post got what you consider is a negative response, but I don't think it was meant that way. It is a bit of a can of worms, and that is why it is worth looking at all possibilities and seeking professional advice first.

Good luck with whatever you decide to do x