My Masterplan......tell me the flaws!

pulliptears

Generali wrote: »

<joke>Perhaps you could ask your parents for your inheritance early</joke>.

Lol, bless em they have always been there offering help. I'm sure (as most parents would) they would live in a box if it meant they could help.

Just really wish they would spend it themselves!!!

I did get dad a stairlift put in back in January, its useful, but I still think the bungalow would have been better for them, especially as it had a wet room instead of a bath.

BrandNewDay

pulliptears wrote: »

moneysavingmonkey thats exactly what I was looking for. Simple to understand for me

We can fund a repayment mortgage for £170k anyway, but OH just wanted to push to £200k with an IO to open up more properties for us. reading that I dont think its worth the risk for an extra £40k, it is a gamble, and Im not sure I want to spend the next 25 years worrying about it.

There's your answer. If you can find a 4-bed house for £170, then that's what you should do. You may even be able to find a 3-bed house that works because it has a loft or a garage or something that can be his home office.

I really don't think it's a good idea to buy your long-term family home "interest only."

As for your parent's inheritance, if/when you get it, it could be your means of upgrading either by moving again or building an extension or something.

hearts

I think your plan is spot on. I agree with the Interest Only part. I also see nothing wrong with taking your probable inheritance into consideration. Asuming nothing goes wrong in the meantime. Until the sad occation. Its fair to asume that what will be will be.
Im getting on a bit now and although I would never tell my kids to bank on any inheritance, this is only because you never know what the future holds. I am going to die ( hopefuly not to soon). Were I older than I am, and more sure as to the likleyhood that my demise would be sooner rather than later, then I would be more confident in their using their inheritance as a probable rather than a possible. ;-)

Hope this makes sense.

pulliptears

perfectly, thanks hearts. Nice to get a few opinions on it

Running_Horse

pulliptears wrote: »

read again.

Yeah, I read it again, and it still reads as if you are waiting for your parents to die. But also reading your last post, it reads like you only want to hear from people who agree with your plans. Yeah, so go ahead. It's a great plan. Nothing can go wrong.

Nenen

Just to say, regarding relying on inheritance, that there's 'many a slip twixt cup and lip'!
My dh is an only child who had been told over and over again by both his parents that everything they had would all come to him one day... he was their 'pride and joy' etc etc etc. They firmly believed that they had worked hard to build something to pass onto their son and grandchildren (whom they adored). They had wills written leaving everything to each other on first death and then all to my dh on second death.... however, unlike pulliptears' parents (who sound much more financially savvy) the wills were able to be changed by one party.

Unfortunately when dh's mum died, not only did he have to deal with the intense grief of losing his mum, he then had to watch his dad get involved with another woman (who appeared to prey upon FIL's vulnerability) within weeks of his mum's death. Within 10 weeks FIL had moved in with this woman and they were married a few months later. FIL then changed his will to leave everything (and I mean everything... even including dh's Mum's jewellery and things that had belonged to her father... dh's maternal grandfather) to the new wife. When FIL then died 18 months after 2nd marriage my dh was left absolutely nothing.

We could never have imagined this scenario in a million years... prior to his wife's death, my FIL was the kindest, most devoted father and grandfather and had always believed in the importance of the family etc etc etc. Within weeks of meeting this woman he had been persuaded to cut all ties with my dh, myself and our children. We did everything we could to maintain contact but the woman (who didn't have children of her own) turned my FIL against his only son in a way I still find hard to fathom (this happened many years ago now).

The main thing this taught us (apart from not relying on inheritance etc) was how actually money is really very unimportant in comparison to family... My dh was far more deeply hurt by his father refusing to have contact than losing 'his inheritance'.

Sorry if this is OT but I wanted to emphasise to anyone reading this thread the importance of not relying on inheriance... It does sound as if you (pulliptears) are in a very different situation and I wish you all the luck in the world.

pulliptears

Thanks Nenen, thats an awful situation for your DH, and I completely take on board what you are saying.

Its a lot to think about, and whatever we decide now will have a huge impact on our futures, Im still leaning towards repayment and not worrying!!

hearts

Nenen wrote: »

Just to say, regarding relying on inheritance, that there's 'many a slip twixt cup and lip'!
My dh is an only child who had been told over and over again by both his parents that everything they had would all come to him one day... he was their 'pride and joy' etc etc etc. They firmly believed that they had worked hard to build something to pass onto their son and grandchildren (whom they adored). They had wills written leaving everything to each other on first death and then all to my dh on second death.... however, unlike pulliptears' parents (who sound much more financially savvy) the wills were able to be changed by one party.

Unfortunately when dh's mum died, not only did he have to deal with the intense grief of losing his mum, he then had to watch his dad get involved with another woman (who appeared to prey upon FIL's vulnerability) within weeks of his mum's death. Within 10 weeks FIL had moved in with this woman and they were married a few months later. FIL then changed his will to leave everything (and I mean everything... even including dh's Mum's jewellery and things that had belonged to her father... dh's maternal grandfather) to the new wife. When FIL then died 18 months after 2nd marriage my dh was left absolutely nothing.

We could never have imagined this scenario in a million years... prior to his wife's death, my FIL was the kindest, most devoted father and grandfather and had always believed in the importance of the family etc etc etc. Within weeks of meeting this woman he had been persuaded to cut all ties with my dh, myself and our children. We did everything we could to maintain contact but the woman (who didn't have children of her own) turned my FIL against his only son in a way I still find hard to fathom (this happened many years ago now).

The main thing this taught us (apart from not relying on inheritance etc) was how actually money is really very unimportant in comparison to family... My dh was far more deeply hurt by his father refusing to have contact than losing 'his inheritance'.

Sorry if this is OT but I wanted to emphasise to anyone reading this thread the importance of not relying on inheriance... It does sound as if you (pulliptears) are in a very different situation and I wish you all the luck in the world.

Yes this is a very valid point and should be taken as a sharp reminder that the "many a slip twixt cup and lip" is very true.
There are many things that could go wrong. Being put into a home and having to pay the costs is another.
So I suppose while taking the possible inheritance into consideration you would also be advised to make a 2nd plan working on the assumption you didnt get it.
NENEN
I am very sorry to hear of your partners sorry tale. It's easy to say we wouldn't get involved in anything so stupid, but then we see Paul Mcartney ;-)
Good luck