Loan to buy house

squoshes_2

Evening all, hope someone can help.
My Mom and Dad want to buy their Council House, it is valued at £103K and their discount brings it down to £52K. They cannot get a mortgage as they are 75 & 77 years old, as the 3 companies that I have found that will take over 75's, will only consider them if the property is valued over £125k.
They have pensions coming in and could afford a personal loan. They also have £30k savings (including mine) so would need a £22k loan. I cannot get a personal loan at present.
Any sensible ideas, muchly apprecaited!
Thank you.

jonesMUFCforever

I think you will find mainstream lenders don't lend money on an unsecured basis to buy property.

Why at their time of life would they want to buy now?


(I am not saying any more the more experienced posters will know why)

19lottie82

Surely they would be better renting so they're not spending their twilight years paying off loans and being responsible for potentially large repair bills?

squoshes_2

Thank you that's up to them? I was told not to mention house buying to the loan company, anything else but!

foxy-stoat

Wait until you can get a personal loan and give them the cash to buy it...it will probably be yours one day.

Good lucks

jonesMUFCforever

squoshes wrote: »

Thank you that's up to them? I was told not to mention house buying to the loan company, anything else but!

So you are prepared to commit a fraud.

Squoshes

Thank you, I came on here for advice, not a character assination. You are very, very far from the truth about the fact that I will gain, but that is my own business. As all I am getting is abuse I will go and see a financial adviser, who hopefully won't judge like most of you. Thank you for the ones that didn't judge!

DCFC79

Squoshes wrote: »

Thank you, I came on here for advice, not a character assination. You are very, very far from the truth about the fact that I will gain, but that is my own business. As all I am getting is abuse I will go and see a financial adviser, who hopefully won't judge like most of you. Thank you for the ones that didn't judge!

Would you take on board if given the same advice from and IFA ?

squoshes_2

Yes I would, thank you

27col

Interesting that you would take advice that you paid an IFA to get. Yet won't accept the same advice, when offered it for free on here.
Anyway, they should not be selling Council houses off cheaply, in my opinion.

pantaiema

IMHO Right to buy is political program to win vote and it is not a sound business case.

I still cannot get it why does this government want to give the right to buy with a heavily discounted price for the people who have been supported by the taxpayers for almost their whole life. In the meanwhile hard-working people who have been paying their fair share in tax, never rely on benefits and have been paying all rents in private sector, not social housing by themselves do not have this opportunity.

Keep in mind the money used to pay for the rent for the social housing is highly likely coming from the benefits paid by the taxpayer's money.

I am not saying this is the case for OP, but anyone with sensible thinking could easily see that this scheme open for abuse. Why would anyone who have been renting for her whole life suddenly think the need to buy the house at the age of 75 years old, want to spend their whole life to struggle to pay for the mortgage where they could still get option to rent??

Well it is not the politician own money anyway, it is the taxpayer’s money. Why should they care ...