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Is my friend right to do this?
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Urbanmiss
Posts: 1 Newbie
My friend and his girlfriend runs their own business, cleaning, shopping and keeping the elderly company or whatever they need. My friend used to sit with a man who suffered with dementia while his wife had a break. The man died in Jan and the wife has just sold the house but hasn't found anywhere yet. My friend has suggested that she pay him £25k for the deposit for somewhere and he will buy it. She would then pay rent and he would cut her grass and any jobs that need doing. When she dies if my friend and his gf are in a position to pay the womans son then they will give back the £25k, if not then they will sell the property and then pay it back. What do you think of this situation? Personally I think it is wrong. He said that he will make money by doing this. I told him it would be better for her to buy a property herself.
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Regardless of the morals of this it will not work.
Person providing the deposit and not party to the mortgage but residing is the first issue.
Sure there are plenty of others tooI am a Mortgage AdviserYou should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
I don't want to be rude but I am strongly questioning your friends morals and motives.
Also I don't understand these 2 points:
1. If she has the money to buy a house but can't find somewhere suitable to buy - how will your friend buying somewhere with her deposit change matters?
2. If she is happy to spend her money renting somewhere, why not do just that? Without handing over a 25k deposit to her landlords0 -
Your friend?0
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I hope this lady's son is keeping tabs on your 'friend'.I am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
Sounds a bit dodgy to me. Mortgage issues aside, surely this would be in breach of her professional codes of conduct? I assume she's registered with a professional body in order to be a carer?0
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Black_Eyeliner wrote: »Sounds a bit dodgy to me. Mortgage issues aside, surely this would be in breach of her professional codes of conduct? I assume she's registered with a professional body in order to be a carer?
I suspect our 'constant gardener' is not a big fan of codes of conduct.I am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0
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