Desperate Mortgage Advice Needed

Dan-Dan

Haydn_26 wrote: »

You're absolutely right , ill consult our independent fa to ensure this is looked at.

I think dafty meant , where does it possibly leave the whole situation , on a personal level as much as a financial one in the future

Unless your IFA is a family counsellor as well

marksoton

The whole things crazy IMO. And that's on the rather large assumption a lender will go for it.

patanne

hign10pines wrote: »

Your mum is being screwed over

I agree with this - Dad is trying it on. She needs a divorce to protect her interests. Dad is moving on and passing on any maintenance responsibilities to you. It is not your job to do this. She is your Mum & you want to be sure she is okay, we understand this. The way to do this is to drag (if necessary) her along to a solicitors & check out her rights. Separation does not seem like a good deal in this case, a divorce would be better, giving each of them some entitlement to each others pension.

Pixie5740

This thread has some similarities to yours. Parents providing a deposit for a property they also live in.

https://forums.moneysavingexpert.com/discussion/comment/69852899#Comment_69852899

I don't know enough about Pre Owned Asset Tax to know if it will even be applicable to your mum but it's worth her investigating.

Irratus_Rusticus

Haydn_26 wrote: »

we would consult a solicitor to ensure my mum would retain her share of equity if we sold the house at a later date at full market value. Both parties are happy with this.

Assuming Op is still reading...

Given your above fact and all the other facts you mention, interesting this thread has descended into marital strife suspiciousness. Having experienced two divorces from kid and adult perspective with arguments over family assets, the only guaranteed winner is the divorce lawyers and a lot less equity to go round on all sides.

If it turns out the mortgage companies throw you out, then you and your folks have lost nothing being open to creative ways to agree to settle the family home amicably and give their child an equity pot in it, instead of you renting from the HA until you can save a deposit for somewhere else.

A divorce lawyer will happily swallow your proposed share of the equity in 'fighting' for mum's rights even if she never felt she had a problem to start with. Now I am hitting the exit before I annoy anyone... Peace

AnotherJoe

Sounds like a nightmare to me. Never mind the "mum being screwed over" the OP ends up paying a huge mortgage relative to their equity in this house, since the mother has a hold over it, and the OP has "mortgaged" HIS future since what happens if he decides to move / marry / cohabit and the new partner is not at all happy about moving in with someone else's mum ?
There are numerous "life events" that could happen to the OP that would leave him and mum high and dry, and however good his intentions he may end up with a horrendous ethical issue and lots of guilt on one or others part should it be necessary to diasadvantage his mum simply because of events, or he decides not to disadvantage her, so now she is disadvantage get him.
Not to mention, the OP started off saying he was getting a house worth £150K for £100k but seems to me he is spending £110k to buy one worth £75k since his mother will have a lifetime share in the property which is the same as her owning it.

patanne

The one good thing I can see in this is that mum does not have to spend her equity on rent and food until it is gone, as she isn't working at present. I'm sure Haydn won't see her starve whilst sitting eating steak. Which is what (as we can only assume - and we know what assume does) dad is hoping for! It may well be that dad doesn't realise the advantage he is taking & I am sure does just see it as a solution, which is why I think advice would be good. Maybe CAB could help with this, but I certainly think that some sort of advise would be a good idea before doing anything irrevocable.

AnotherJoe

I agree, dad may not realise the position he is putting both parties in. Mum needs to take some professional advice. My main thought is, the OP is locking himself into a situation that would be very difficult to extricate himself from, a house that has a market value of £150k if vacant probably hasa value of zero if someone owns half of it and aren't willing (or cannot) move.
As it is OP would be paying a large mortgage to let his mum live rent free. She might not even be able to claim housing benefit !
Maybe they'd be better off selling the house for the full value and splitting the money as the courts advise and OP wont need lock himself into a property he cannot sell without evicting his mum and she can get help paying rent.

I don't see it so much as OP getting a mortgage, more as paying his mums mortgage for her.