Mum's inheritance doesn't stretch to a house... help!

louidog

webtalk wrote: »

Tehre are people who start with nothign, care for their parents, and find themselves in real poverty as a result. Even with benefits their lives are dire in the extreme.

To be honest, I cared for both my parents....I didn't get nor expect anything in return. They cared for me as I grew up and I was merely doing as I felt I needed to do for them. They had nothing, they lived in a council house and left me with their savings. That amounted to nothing really at all but it was what they worked hard for and were proud to have left for me.

Do we really expect our parents to leave us lots and lots of money? I've worked hard for what I have and trust me, that isn't a lot but I'm happy with my lot

I'm still a bit confused as to what this thread is all about really....is it the parents wanted/expected more money or what to do with the money?

Toto

The argument for and against the tax situation is for another thread. The fact is your parents have been left with £250,000. There really is no help from the government and to be honest do they really want or need a mortgage at their age? Surely now is a time for them to relax, enjoy their years of retirement without having to work all hours to buy a house.

They will be able to buy a lovely house for the money they have, maybe they will have to downsize their expectations a little. They will probably only have 2 or 3 bedrooms and maybe even a flat. But surely having a smaller home but not having repayments is far better than any amount of extra bedrooms?

Doozergirl

Yes. Very honourable. I'm sure the OP will be very grateful to the poster and and five who thanked the comment 'Are you having a laugh' over what appears to be a genuine concern for their parents.

Lovely.

GunJack

I came across this thread by accident, but it has made interesting reading. Without wishing to sound harsh, but the OP's parents should count their blessings - the estate could have been left to charity and they could have got nothing. £250k to spend on a house, that they would own outright, that no-one could throw them out of, and only 2 years away from retirement.

Do they have to stay in that area until retirement ?
Do they want a bigger/more expensive house than they need ?
£250k would net around £1k a month, can't they rent for less than that ?

Many questions, but I think that they need to REALISTICALLY review their position/choices/finances/etc., there are many people in this country who would dearly love to be in their position.....

webtalk

I'm quite amazed at how harsh many posts in this thread are.

It is sad really.

Toto

webtalk wrote: »

I'm quite amazed at how harsh many posts in this thread are.

It is sad really.

If it were my parents who were thinking about taking out a mortgage at 63 when they have enough capital to buy a house outright I'd be bloody harsh with them, for their own sake.

PasturesNew

There are times to be fluffy.
There are times to just be black/white.

Doozergirl

PasturesNew wrote: »

There are times to be fluffy.
There are times to just be black/white.

There is always time to be respectful.

webtalk

Toto wrote: »

If it were my parents who were thinking about taking out a mortgage at 63 when they have enough capital to buy a house outright I'd be bloody harsh with them, for their own sake.

That's not what people are being harsh about. But one could add this to the 'being harsh' list.

It is unsurprising if the parents are feeling somewhat hard done by if they have genuinely made huge sacrifices to look after the grandmother.

It is also sensible to ask about state assistance if one doesn't know anything about how the systems work. There is absolutely nothing to lose and, if one has a thick skin, being bullied should be no skin of anyone's nose.

I know someone who has taken out a mortgage until they're 70. Careful planning means that they'll be able to service it out of pensions as they get older.

Toto

I understand that but my point is they are in this 'situation' with this amount of money, feeling hard done by is another issue all together. My point is having made all of these sacrifices they should now be able to live rent/mortgage free and enjoy their retirement, not slogging away until they are 70 to service a mortgage they don't need.