Mortgage Novice- key worker!!!

Ali_Netball

Hi

I am considering getting a mortgage next year with my partner. I will have approx 20K we earn approx 48K per annum as a couple.

We are ideally looking to buy at auction a run down property to do up. He is a builder and I like to get my hands dirty!! We are considering a interest only mortgage as my parents have told me that when they 'go' I will have enough to pay off a massive lump off the mortgage we have then if not all of it!

Do yuo agree with this? I am complete numpty when it comes to this stuff.

Also I am looking into getting a key workers allowance as I am a teacher in the south east, anyone had any experience of that too?

Arrrgggghhhh, I dont understand!!

cm233lh

How old are your parents and what's their health like? Medical advances mean that people are living longer and longer. Remember the Queen Mother lived long enough to see one of her daughters die of old age! Also, what plans do you have if the parents need 24 hour nursing for the last, say, 15 years of their lives? That can eat a big hole in your inheritance. And how do you feel about waiting for a death in the family before you can balance the books? Ideally, you should aim to stand on your own feet, and treat any inheritance as a bonus for you retirement, or pass it on to your children if it's more than you can use.

ctabuk

Key Worker allowances tend to be aimed at developments being operated by 'Partner Housing Associations' under the Open Market Homebuy scheme. But if you look at the Housing Corporations Website http://www.housingcorp.gov.uk/server/show/conWebDoc.1154

There you will find your local agent - I suggest you ask them first before buying land.