We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
PLEASE READ BEFORE POSTING: Hello Forumites! In order to help keep the Forum a useful, safe and friendly place for our users, discussions around non-MoneySaving matters are not permitted per the Forum rules. While we understand that mentioning house prices may sometimes be relevant to a user's specific MoneySaving situation, we ask that you please avoid veering into broad, general debates about the market, the economy and politics, as these can unfortunately lead to abusive or hateful behaviour. Threads that are found to have derailed into wider discussions may be removed. Users who repeatedly disregard this may have their Forum account banned. Please also avoid posting personally identifiable information, including links to your own online property listing which may reveal your address. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Options to equity release
Comments
-
Silvertabby wrote: »Hate to throw cold water on this, but has your mum done her research on the new house? A property for £80K in Lancashire won't be in the best of areas.
Well depending on where they live in South Wales.......0 -
Silvertabby wrote: »Hate to throw cold water on this, but has your mum done her research on the new house? A property for £80K in Lancashire won't be in the best of areas.
She's moving back to the place she was born - new house is about 2 miles away from the house she was born in and we've visited every year for as long as I can remember.
No comment on what that means about the quality of the breeding stock I'm from
She basically followed me to South Wales when I moved here for work then met her fella, moved in with him, then married him on her 65th birthday.
Now they're getting on a bit - her phrasing - she's looking to move back 'home' where they've no family but close friends - helped by the fact I'm looking to move back up north but not for a few more years.That sounds like a classic case of premature extrapolation.
House Bought July 2020 - 19 years 0 months remaining on term
Next Step: Bathroom renovation booked for January 2021
Goal: Keep the bigger picture in mind...0 -
Now they're getting on a bit - her phrasing - she's looking to move back 'home' where they've no family but close friends - helped by the fact I'm looking to move back up north but not for a few more years.
What if your plans change for any reason or your move back is delayed? If you moving too is a big part of the motivation it might be better to wait and follow you!0 -
Red-Squirrel wrote: »What if your plans change for any reason or your move back is delayed? If you moving too is a big part of the motivation it might be better to wait and follow you!
No. She wants to move.
My moving is just an add on and I've been very clear that, for me to move across the country, it's not going to be for at least 3 years - more likely 5/6 - because of where I'm up to with my career.
Realistically she shouldn't have followed me in the first place but she was in a bad place and she needed to be close to me.
He was widowed and they're living in 'his' house that his first wife decorated and neither of them are hugely happy with it so...
They've been to visit a few times and he loves the area/the people - It's the right time and I'm supportive of her moving.
Just... patience has never been my mother's strong suit That sounds like a classic case of premature extrapolation.
House Bought July 2020 - 19 years 0 months remaining on term
Next Step: Bathroom renovation booked for January 2021
Goal: Keep the bigger picture in mind...0 -
Cam they get a short term mortgage to buy the new house? They only need to borrow £40K so LTV 50% and a guaranteed £2.5K per month income in pension is an annual £30K income that is more secure than any salary from paid employment and only a salary multiple of 1.33
The only issue is their age, hence suggesting a short term mortgage and I am sure the lender would insist on life insurance (that might be expensive at that age)
Then as soon as the house in Wales sells, pay off the mortgage.0 -
They're away this week - which is why they've been viewing houses ... which is why I've been sent emails about houses at 2am this morning
I think I'm suggesting:
If they really want the place, make an offer.
As soon as they're back, find an EA and put SW house on the market for the £85k ish that the other one's in the street have sold for.
WAIT a couple of weeks to see if there's any interest.
In the meantime, speak to a broker about a short term mortgage for £40k
If there's no interest/offers in a couple of weeks, drop the price to £80k
If there's no interest/offers in a couple of weeks, drops the price again - £75k?
Worst comes to worst and they sell at £70k then they've still got £30k to cover moving costs...
Oh... and because you've all been so patient
https://www.rightmove.co.uk/property-for-sale/property-60474991.htmlThat sounds like a classic case of premature extrapolation.
House Bought July 2020 - 19 years 0 months remaining on term
Next Step: Bathroom renovation booked for January 2021
Goal: Keep the bigger picture in mind...0 -
I am sure the lender would insist on life insurance (that might be expensive at that age)
Why do you think a lender would insist on life cover, especially for a low LTV?
Anyhow, the whole idea is barking and I thought it was only the youth of today who were impatient and wanted everything now.Signature on holiday for two weeks0 -
Mutton_Geoff wrote: »Anyhow, the whole idea is barking and I thought it was only the youth of today who were impatient and wanted everything now.
This is the same mother who went to Bali for a 6 month holiday then stayed there for 7 years.
While in Bali she met a Swedish lady who told her about a house in a little village in Sweden and she bought it, sight unseen, and 18 months later moved to Sweden for the next 7 or so years.
Now she's back in the UK, married to a steady and stable gentleman, and finally ready to 'settle down' :rotfl:That sounds like a classic case of premature extrapolation.
House Bought July 2020 - 19 years 0 months remaining on term
Next Step: Bathroom renovation booked for January 2021
Goal: Keep the bigger picture in mind...0 -
Oh... and because you've all been so patient
https://www.rightmove.co.uk/property-for-sale/property-60474991.html
Oh God! :eek:
Well, each to their own I suppose! There must be a fair number of people who like Blackpool I guess or all those B&Bs and bars would be out of business.0 -
Red-Squirrel wrote: »Oh God! :eek:
Well, each to their own I suppose! There must be a fair number of people who like Blackpool I guess or all those B&Bs and bars would be out of business.
:rotfl::rotfl:
As I said, she was born just down the road - nowt as common as us That sounds like a classic case of premature extrapolation.
House Bought July 2020 - 19 years 0 months remaining on term
Next Step: Bathroom renovation booked for January 2021
Goal: Keep the bigger picture in mind...0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 352.3K Banking & Borrowing
- 253.6K Reduce Debt & Boost Income
- 454.3K Spending & Discounts
- 245.3K Work, Benefits & Business
- 601.1K Mortgages, Homes & Bills
- 177.5K Life & Family
- 259.2K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 37.7K Read-Only Boards