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Mortgages and elderly relatives advice sought
exmachina
Posts: 6 Forumite
Hi, I was hoping people might be able to give me advice on this situation.
I own two properties both worth approximately £300K-£400K in East London and receive a rental income from one, which I use to help pay the mortgage on the 2nd property in which I live. I also work and pay the mortgage, and the situation is reasonably balanced so I can cover all my expenses and costs. I also have about £40K in savings.
The situation is that my parents are now both retired and live in a property worth £600K, but it has a £110K mortgage on it which is coming up for repayment in a year or so.
They want to sell the property and downgrade to release some equity to pay off the debt and then find a place cheaper and have some change left over for some niceties in their retirement.
Obviously, I'd like them to keep the property. Do I have any options whereby we can hold on to the property and they're still able to have some comfort? I might be able to borrow another £50K from somewhere. Here's hoping..:)
I own two properties both worth approximately £300K-£400K in East London and receive a rental income from one, which I use to help pay the mortgage on the 2nd property in which I live. I also work and pay the mortgage, and the situation is reasonably balanced so I can cover all my expenses and costs. I also have about £40K in savings.
The situation is that my parents are now both retired and live in a property worth £600K, but it has a £110K mortgage on it which is coming up for repayment in a year or so.
They want to sell the property and downgrade to release some equity to pay off the debt and then find a place cheaper and have some change left over for some niceties in their retirement.
Obviously, I'd like them to keep the property. Do I have any options whereby we can hold on to the property and they're still able to have some comfort? I might be able to borrow another £50K from somewhere. Here's hoping..:)
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Comments
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Why 'obviously'?........
Obviously, I'd like them to keep the property. Do I have any options whereby we can hold on to the property and they're still able to have some comfort? I might be able to borrow another £50K from somewhere. Here's hoping..:)
If they wish to sell their property, what business is it of yours????:eek: Leave them in peace to plan their future as they wish without pressure or guilt-trips from you.
If they would like to stay in the property, and you want to help them 'have some comfort' you could lend them some money either by borrowing, or selling one of your properties, and they could agree to pay you back out of their estate on death.0 -
Maybe your parents are looking forward to having a much smaller place/garden to look after in their later years , have you even consulted them as to their wishes?#6 of the SKI-ers Club :j
"All that is necessary for evil to triumph is for good men to do nothing" Edmund Burke0 -
GM
Why do you feel beholden to cast judgment on the situation? What business is it of yours to judge? Do you personally know all the dertails? I just explained a mortgage situation, which millions of families face all the time and yet you've appointed yourself as moral guardian? If you have anything to advise on the situation as per the name of the forum 'House buying renting selling', then advise, otherwise it's called 'keeping your mouth shut!'0 -
No, my plan was just to boot them out on to the street as I'd have more money that way. Wot u reckon?have you even consulted them as to their wishes?0 -
If you're going to ask random strangers on an internet forum for advice, don't get upset when you receive it.Retired in 2015.
Moved to Ireland September 20170 -
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No, self-righteous idiots desperately seeking a sense of moral indignation when in reality they know nothing. You desperately want to punish me for some reason but you can't think why other than to interpret my thread in a certain way based on your own skewed pecadilloes.
Like I said, millions and millions of people face this situation daily...think about that!0 -
Like I said, millions and millions of people face this situation daily...think about that!The situation is that my parents are now both retired and live in a property worth £600K, but it has a £110K mortgage on it which is coming up for repayment in a year or so.
They want to sell the property and downgrade to release some equity to pay off the debt and then find a place cheaper and have some change left over for some niceties in their retirement.
Yes, they do face this situation and, like your parents, find a sensible way to resolve the problem.0 -
No, self-righteous idiots desperately seeking a sense of moral indignation when in reality they know nothing. You desperately want to punish me for some reason but you can't think why other than to interpret my thread in a certain way based on your own skewed pecadilloes.
Like I said, millions and millions of people face this situation daily...think about that!
Crikey, overreaction much?
As already asked - what do your parents want to do? If you haven't asked then it would be best to do so, maybe they fancy a nice little place by the sea ...0 -
Simply picking up on what you wrote:
which made me think either the property was yours, or you felt you had some claim on it (childhood home whatever), since you were apparantly ignoring parents' wishes.
They want to sell the property and .........
Obviously, I'd like them to keep the property..........
Oh - and I did suggest a way[STRIKE] you[/STRIKE] they could keep [STRIKE]your[/STRIKE] their home.
errrr, no, it's called 'freedom of speech'. Or 'don't post on a public forum unless you can handle a variety of responses'.......advise, otherwise it's called 'keeping your mouth shut!'
But here's a constructive, and emotionally safer, idea: see an independant mortgage adviser. Or Financial adviser.0
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