HELP ON- Taking On My Dads Mortgage

Fortune_500

Thrugelmir wrote: »

Doesn't matter what you think. Lenders have no need to take undue risk with mortgage lending.

Well fortunately some users and other people I know have debunked this (one even lives with the previous occupant).

Contemptuous

Fortune_500 wrote: »

Well (despite the risk of being shot for going off topic here) chances are those are probably women with aspegers a.k.a aspergirls (whom are more likely to) and not guys a.k.a asperguys (whom are unlikely ever to).:D

Off topic but I was married to a man with aspergers.
We split up mainly because he was so terrible with finances.

Yorkie1

OP, you have been given a lot of reasons why this is probably not the right solution for your parents or your family.

I can appreciate that you might not want or be able to listen to the views of posters on here - although you did ask for those views.

However, the two most important things to take on board are:

1. Your parents really should get independent advice about their options and the potential risks / benefits before going any further.

2. You will have to engage a mortgage broker to make enquiries about potential mortgage options. The fact that your parents will remain resident afterwards will significantly limit the available options.

AnotherJoe

Fortune_500 wrote: »

Well fortunately some users and other people I know have debunked this (one even lives with the previous occupant).

No one (AFAICR) said its not possible, just that it will significantly limit your lenders to less than a handful.

Fortune_500

AnotherJoe wrote: »

No one (AFAICR) said its not possible, just that it will significantly limit your lenders to less than a handful.

Yorkie1 wrote: »

OP, you have been given a lot of reasons why this is probably not the right solution for your parents or your family.

I can appreciate that you might not want or be able to listen to the views of posters on here - although you did ask for those views.
2. You will have to engage a mortgage broker to make enquiries about potential mortgage options. The fact that your parents will remain resident afterwards will significantly limit the available options.

You know, as all domestic arrangements are none of their business, I'd half be tempted just to lie to them and pretend my parents are moving out. They'd never know and it's none of their business. They don't know anything about me or them.

Contemptuous wrote: »

Off topic but I was married to a man with aspergers.
We split up mainly because he was so terrible with finances.

Yer I was like that until the urgency of this situation required me to step up. In romance aspies give nothing but misery and aggro to their partners, we're best avoided.

Mojisola

Fortune_500 wrote: »

You know, as all domestic arrangements are none of their business, I'd half be tempted just to lie to them and pretend my parents are moving out. They'd never know and it's none of their business. They don't know anything about me or them.

Of course it's their business - they are the ones lending you a lot of money!

Planning to commit mortgage fraud isn't a sensible way to go.

Fortune_500

Mojisola wrote: »

Of course it's their business - they are the ones lending you a lot of money!

Planning to commit mortgage fraud isn't a sensible way to go.

If I'm paying them their money in full every month (or even more most likely), there's no reason for them to care. Besides, it's not like they're going to interrogate me about my life, they just want to know that I earn enough and have a good credit score/history as this'll solely determine my ability to pay.

Pixie5740

You might be surprised what information mortgage lenders will ask you for these days especially with the Mortgage Market Review rules were introduced.

Buying a property using a gifted deposit which will be coming from people who will remain living in the property isn't impossible but you'll probably need to use a broker.

Mojisola

Fortune_500 wrote: »

Besides, it's not like they're going to interrogate me about my life, they just want to know that I earn enough and have a good credit score/history as this'll solely determine my ability to pay.

Pixie5740 wrote: »

You might be surprised what information mortgage lenders will ask you for these days especially with the Mortgage Market Review rules were introduced.

As PIxie says - I think you're in for a shock when you try applying for a mortgage.

Yorkie1

OP, as you're not willing to listen to the advice you've sought, and have said you're prepared to lie to achieve the outcome you want, there's really not much point in anyone continuing to try to offer their views, is there?