Take a mortgage for my parents?

xylophone

Would it not be easier all round for your parents to sell, settle the mortgage and their debts and buy a small and easily managed property suitable for your disabled mother?

Does your mother have care needs? How old is she?

kkqd1337

I am age 30 still struggling to get on the housing ladder so could me buying the house for the value of debt that's left benefit both my parents and me?

I think this thread is getting carried away and maybe upsetting you a little; I'd say for a lot of reasons the conclusion here is No, buying the property will not benefit you or your parents.

But I agree you have a resposibility to help your parents.

I'm no expert but from what I read I think you need to understand that this will involve gifting them money monthy to pay their mortgage/other debt. But understand this is a gift and you may never benefit from the porperty if funds end up being used towards care costs.

The important thing is that you get what you want; your parents keep their house and enjoy their retirement for as long as you can afford to help. This will cost you money, but life i suppose isn't all about the money.

One phrase that came to mind reading this thread tho is: "killing with kindness"

hcb42

your parents are lucky that the rise in house prices has got them into a £400K house, but with £174K, I agree, the logical thing has to be to get them into a £200K house, with a few quid left in the bank and no debt. Even that £200K will buy something decent in most of the country, London excluded of course.

Or as others say, if you want to help you and sister pay their mortgage for them between you by giving them the cash. We don't know your personal earnings situation but not many people could pay back repayments on £174K of debt , a lot of that expensive credit card debt, AND pay their own rent/mortgage/living expenses on top. I just hope you are not moving their problem on to yourself and your family.

shaundiamonds

Your parents are also lucky they have a daughter willing to help them out, which is very admirable, its usually the other way around!

*Robin*

nink wrote: »

They will have enough income to continue to pay rent at market value approx 700-800 per month ( yes sums don't add up but that because the house has an annex so they would rent 3 bed part annex has 2 more beds ). Annex will remain empty it is too expensive to let due to high gas costs ( in a village not on gas grid so on LPG).

Why not sort out an alternative heating system for the annex; parents move in there and rent out the main house?