Mortgaging house for disabled mother?

ACG

DanielCron19 wrote: »

I would love to be able to keep my mothers home in the family for when her condition becomes worse as she won't need to go into a care home. My mothers disability is worsening as she gets older to the point were she won't be able to live in this council house anymore so the council will have to move her.

That one paragraph is a contradiction.

As someone else has said, you are not fooling anyone. If your mums condition deteriorates that much where she will need a care home, I suspect she is unlikely to be visiting her home very often if at all.

If you want to take advantage of the RTB discount or your mum wants you to so you can benefit - why not just say that.


So to answer what I think is your actual question, your name would need to go on the rental agreement before you could look to buy it and at that point it would be a joint mortgage that is needed. There are some lenders who will ignore your mums age if her income is not being used.

-taff

It may be possible to get a joint tenancy but these are like hens teeth. Contact the HA to ask.

Mojisola

DanielCron19 wrote: »

I would love to be able to keep my mothers home in the family for when her condition becomes worse as she won't need to go into a care home.

My mothers disability is worsening as she gets older to the point were she won't be able to live in this council house anymore so the council will have to move her.

So you'd rather your mother had to stay in a house that isn't suitable for her needs instead of being given the opportunity to move into adapted accommodation?

pinkshoes

DanielCron19 wrote: »

She would have to pay for going into care if she's a homeowner?


My mother wants the house so stay in the family. If she has to move, it will go back to the council and all the memories she has of here, will be gone since someone else will be living here.

If she has assets she would be expected to sell them and pay for her care.

The WORST thing you could do if her health is deteriorating is jeopardise her chance of free suitable accommodation.

It is just a house. Memories are in your head.

My parents sold my childhood home but it doesnt stop me having fab memories of growing up there?

Even at £30k, based on your salary you would need perhaps £50k cash. Do you have this?

Pixie5740

ACG wrote: »

So to answer what I think is your actual question, your name would need to go on the rental agreement before you could look to buy it and at that point it would be a joint mortgage that is needed. There are some lenders who will ignore your mums age if her income is not being used.

The OP's name doesn't have to be on the tenancy agreement. Since he is a close family member and has been living in the property for 12+ months with his mother he can make a joint application for RTB with her without being a tenant. I'm not saying he should do this just that he could.

hazyjo

Funny how all there threads say 'My mum/granny/whoever wants this house to stay in the family'.

Why?

Others who own their homes don't expect their offspring to hang on to houses. Or are you saying, 'she wants us to sell it to get the cash when she dies'?

Really cannot see how this could be in your mum's best interests in any shape or form.

HollySocks_2

Houses cost a lot. An awful lot. Its a natural thought for pretty much everyone in the UK to think 'how are we going to buy a place'. You have to weigh up every possible option. The OP is looking into how they could get a discount under the right to buy.
There is no harm in mulling over these issues. Its a bit harsh to criticise someone for doing so. We all have to plan and think of future events, inheritances etc..


But lets be honest, the OP is wanting to do this for themselves. There is literally nothing beneficial for the mum. Apart from her having peace of mind that at least her son's future is taken care of a little bit. Everything else about this is in NO way helping your mum.


Maybe if people were just a bit more honest about their intentions it wouldnt lead to hostility. There really is nothing wrong with trying to find a way to secure your future as long as the others involved are all fine with that.

HollySocks_2

Although saying that, there really are more important things than money and owning a house. Like the health of your parents and their happiness.


Jan last year, my dad sat me down to tell me he wanted to write my brother out of his will and leave his house soley to myself. It was worth £220K.
I told him what he did was up to him at the end of the day, but no i didnt want the entire house as it would be unfair to my brother.
6 months later, my dad died. If i had taken the house, my benefits would have carried on and i would have had a £220k house.
As it stands , the house had to be sold, half went to my brother. I got £110K. My benefits have all been stopped. I have rent now to pay, and no income.

Am i happy that dad passed away without causing family rifts before he died and the stress of changing wills etc? Absolutely.

Who knows how long your mum will be around..hopefully for a long time. But dont do anything to stress her out, cause her financial worry, simply for your own gain. Support her in every way you can. Dont make decisions just for your own gain.

csgohan4

DanielCron19 wrote: »

My mother and I currently live in a council house and have lived her for around 18 years.

I'm 23 and we moved into this house when I was 5 years of age. My mother is 58 but does not own the house as she's a disabled woman and probably makes £12,000 per year through benefits, and has to pay the bills.

She has been with the council for approximately 30 years so she might be able to have a percentage knocked off the house if she was to purchase it due to the length of service she has been with our local council.

I'm currently earning £23,000 per year with a take home pay of £19,021 per year. I would love to be able to keep my mothers home in the family for when her condition becomes worse as she won't need to go into a care home. My mothers disability is worsening as she gets older to the point were she won't be able to live in this council house anymore so the council will have to move her.

I want my mum to mortgage the house but I will pay it for her. The house is valued at around £201,000 by going off Zoopla. If my mum was to purchase this house from the council, she would have a certain percentage knocked off (around 35% I believe) which would then price it at £130,000 which will make it a doable mortgage.

I will need the house to be in my mothers name to have her discount applied to the house but I will be paying her monthly payments. Another thing to mention is that her credit history is very poor. Would this affect her being able to get a mortgage, even if they knew that her son would be paying it for her?

Now lets just say this plan was successful, what would happen to the house if my mother was to die? With me still paying it, would it just resume as normal? It worries me to get a mortgage and if my mother dies before it's paid off, that the mortgage company would just sell the house off because the person's name it's in has died?

End of the day too many I's and nothing about what she wants and if she understands the implications of doing this

elsien

DanielCron19 wrote: »

My mother and I currently live in a council house and have lived her for around 18 years.

I'm 23 and we moved into this house when I was 5 years of age. My mother is 58 but does not own the house as she's a disabled woman and probably makes £12,000 per year through benefits, and has to pay the bills.

She has been with the council for approximately 30 years so she might be able to have a percentage knocked off the house if she was to purchase it due to the length of service she has been with our local council.

I'm currently earning £23,000 per year with a take home pay of £19,021 per year. I would love to be able to keep my mothers home in the family for when her condition becomes worse as she won't need to go into a care home. My mothers disability is worsening as she gets older to the point were she won't be able to live in this council house anymore so the council will have to move her.

I want my mum to mortgage the house but I will pay it for her. The house is valued at around £201,000 by going off Zoopla. If my mum was to purchase this house from the council, she would have a certain percentage knocked off (around 35% I believe) which would then price it at £130,000 which will make it a doable mortgage.

I will need the house to be in my mothers name to have her discount applied to the house but I will be paying her monthly payments. Another thing to mention is that her credit history is very poor. Would this affect her being able to get a mortgage, even if they knew that her son would be paying it for her?

Now lets just say this plan was successful, what would happen to the house if my mother was to die? With me still paying it, would it just resume as normal? It worries me to get a mortgage and if my mother dies before it's paid off, that the mortgage company would just sell the house off because the person's name it's in has died?

You're contradicting yourself.
She wants to be able to stay at home (which is fair enough. most of us do) which is why you want to buy it so that she can, but she knows that as she gets more disabled she will have to move. You can't have it both ways
So if she is considering her own best interests as opposed to getting a cheap home for her family, buying the house does not make sense. She would be better off continuing to rent then requesting a move to somewhere more accessible when she can't manage in her current property.

My mother owns her own home but fully understands she will need to sell and buy somewhere else if she can't manage the stairs and no stair lift can be fitted. Goes with the territory.