Should I buy a house with my mother?

Cakeguts

What are you going to do if you lose your job and you can't pay the mortgage? There is no housing benefit to pay a mortgage. If you can't get another job and you fall into arrears on the mortgage you, your mother and your siblings will become homeless. If you just leave it alone none of this will happen because your mother has most likely got a secure tenancy. If people do not pay their mortgage homes get repossessed by the bank who lent the money for the mortgage.

Grenage

ambitiouspanda wrote: »

What do think?

Noooooooooooooooooooooooooooooooooooooooooooooooooo.


Do not sacrifice your quality of life to get on the property ladder, not to that extent. Don't do it; it's a terrible idea, and you'd regret it in no time at all.

I repeat:

Noooooooooooooooooooooooooooooooooooooooooooooooooo.

teddysmum

Someone, on here, was quoting a huge price for buying just a small a London flat, so a large house with gardens , even with discount will be very, very expensive. I doubt it would fall into you affordable range of up to £200000, mentioned on your toxic parents thread.


Would you get a mortgage, assuming that Mum's age could be against a normal length mortgage and a short term one means larger payments ?


Also, as you call your parents toxic (other thread ) why would you want to live with them ? In fact, if they read your thread they probably wouldn't want you to live with them.

xylophone

Also, as you call your parents toxic (other thread ) why would you want to live with them ? In fact, if they read your thread they probably wouldn't want you to live with them.

She seems to be already in residence?

https://forums.moneysavingexpert.com/discussion/comment/70685287#Comment_70685287

....Hi everyone, with much comments and advice given here - I have decided to stay for 1-2 years to get on the property ladder.

What does "travelling" father have to say about all this? Presumably Father and Mother are the tenants with the right to buy?

Do they want to be saddled with a mortgage?

Even if the OP could raise a mortgage with F&M, what happens when she wants to move out and buy a place of her own and finds it difficult to find the money to afford deposit/repayments/ additional stamp duty?
And how will "narcissistic" mother feel about having to discuss decisions about the house with the daughter?

And why on earth would the OP wish to embark on this project with a parent with whom she seems to have little in common?

Nichelette

I did this very thing in 2010 and it's the biggest regret of my life. I went on the mortgage to our family home shortly after my parents divorced so my father didn't lose the house where my younger siblings were also living (redundancy meant his earnings were now considered slightly too low to cover the whole mortgage). The idea was over a few years he'd pay off enough to have the mortgage in his sole name and I could come off (it wasn't a huge amount I was initially on there to cover).

Due to mortgage rationing the amount they would then lend him reduced, and I have not been able to come off the mortgage.

I am now 30 and engaged. We cannot start a family because although both my other half and I are on reasonable wages and could afford a home I cannot get a mortgage due to my situation. I don't want to private rent with kids because the insecurity of tenure terrifies me.

To rub salt in the wound, I am legally a homeowner and therefore don't qualify for any first time buyer schemes, I will also have to pay an additional 3% stamp duty if by some miracle we are ever able to afford a home (south east).

I do not live in mortgaged house - my father now lives in a 3/4 bed house alone and has no interest in downsizing, so my only option is to take him to court to force him to sell. I don't have the money or energy for this at the moment, but our relationship is now so poor on my side of things that I'm seriously considering no further contact with him. I would proceed with extreme caution.

Edited to add.. My father having lived in the house for 22 years prior to me going on the mortgage very much feels it belongs to him. This caused major issues in the past when I lived there.

The house is now worth about 100k more than when I went on the mortgage - I never expected HPI to be so great and this has again prevented me from getting somewhere of my own. There is no way I can save at that rate, especially when returns on savings are so poor.

Finally, I am not making the maximum pension contribution that my company will match as I'm trying to save so aggressively for a deposit of my own. I'll never be able to get that money back and I constantly think about whether I'm doing the right thing. To be honest I can't see that I'll ever recover from the financial problems this has caused me.

Mojisola

Nichelette wrote: »

I do not live in mortgaged house

The house is now worth about 100k more than when I went on the mortgage

Depending on the increase since you moved out, you may also have a Capital Gains Tax liability when the house is sold.

Nichelette

Mojisola wrote: »

Depending on the increase since you moved out, you may also have a Capital Gains Tax liability when the house is sold.

Indeed - the list of negatives is much more extensive than the ones I've mentioned! Must laugh or will cry :rotfl:

xylophone

You have made sure that you own the house as tenants-in-common?


Is there a Deed of Trust in place?

Lord_Baltimore

Nichelette wrote: »

I am legally a homeowner.

Move in with your Dad by creating two flats in the house you part own so you each have your own space? You have a partner now who will provide moral support.

Start your family because time flies....

Pixie5740

Indeed, don't put off having a family. There's hence an ideal time to start a family and you're never fully prepared.

It's daft you paying rent whilst you own a property.