Buying My Parents House To Help Them Out

chambta

kingstreet wrote: »

Within the lending maxima of many high street lenders.

Definitely

The obvious thing to do to me would be to find a good whole of market broker.

Happylady

Hi, no they haven't spoke to their lender yet as their worried what might happen, but inevitably they will have to.

Since the rules won't let me help my parents I think their only option is to move out. What a shame there is nothing specific in the market for this kind of situation since I know they are not the only people in this position.

Thank you everyone for your comments.

kingstreet

There's nothing the lender can do to them after speaking to them that it couldn't do now. No lender is going to turf a borrower out on the street for no good reason.

There are issues with this and they need to be addressed, but you should put this in the hands of an experienced mortgage whole market mortgage broker, preferably one with the extended permissions to advise on lifetime mortgages and equity release.

At this time, as much as possible you/they should be making overpayments to at least reduce the amount outstanding.

Annisele

Happylady wrote: »

Since the rules won't let me help my parents I think their only option is to move out. What a shame there is nothing specific in the market for this kind of situation since I know they are not the only people in this position.

I think you've reached that conclusion far too early.

You're right to say lots of people are in this situation, so lenders are used to it. Lenders have a duty to treat borrowers in financial difficulty positively and sympathetically - which means they won't take possession proceedings the instant the term expires. (Apart from anything that wouldn't make commercial sense).

I agree with kingstreet; you and your parents should see an experienced whole-of-market broker and see what they suggest. While there are issues with your first suggestion, there may turn out to be a way forward that's acceptable both to your parents and to the lender.

Happylady

Thank you very much, I'll take your advice and arrange for them to speak to their mortgage provider.