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Inheritance not enough

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Comments

  • daivid
    daivid Posts: 1,286 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    edited 16 August 2019 at 1:46PM
    Would a shared equity home work in your situation? There are many drawbacks, but if it protects your deposit from being whittled away and gets you (half) on the property ladder it may be worth doing.


    *Essentially a repeat of TBagpuss - Must remember to refresh when returning to the iPad*
  • sal_III
    sal_III Posts: 1,953 Forumite
    Fifth Anniversary 1,000 Posts
    daivid wrote: »
    Would a shared equity home work in your situation? There are many drawbacks, but if it protects your deposit from being whittled away and gets you (half) on the property ladder it may be worth doing.
    I wouldn't recommend mortgage debt and home ownership to someone in OPs situation. Single income + benefits + 15m baby.
  • System
    System Posts: 178,371 Community Admin
    10,000 Posts Photogenic Name Dropper
    We have no savings as yet. We are in line to get £60k inheritance.
    This is a system account and does not represent a real person. To contact the Forum Team email forumteam@moneysavingexpert.com
  • need_an_answer
    need_an_answer Posts: 2,812 Forumite
    Ninth Anniversary 1,000 Posts
    You could always decline the inheritance and carry on as you are....

    That's a sizeable chunk so to be fair why should you continue to receive UC ….
    in S 38 T 2 F 50
    out S 36 T 9 F 24 FF 4

    2017-32 2018 -33 2019 -21 2020 -5 2021 -4 2022
  • SpiderLegs
    SpiderLegs Posts: 1,914 Forumite
    1,000 Posts Second Anniversary Name Dropper
    shearer9206 wrote: »
    ...
    It just seems like we are going to essentially be made worse off for having more money.
    Has anyone else been in this situation or does anyone have any advice?
    Thank you!

    If being given 60k is going to make you worse off I suggest you donate it to charity. Then you will be in the same position as currently and some disadvantaged people will see the benefit.
  • Comms69
    Comms69 Posts: 14,229 Forumite
    10,000 Posts Third Anniversary Name Dropper
    shearer9206 wrote: »
    We have no savings as yet. We are in line to get £60k inheritance.



    How is £60k not enough for a deposit?
  • Peter_Williams
    Peter_Williams Posts: 179 Forumite
    You can buy a house outright for £60k.
    Dry your eyes.
  • System
    System Posts: 178,371 Community Admin
    10,000 Posts Photogenic Name Dropper
    Exactly... How is £60k not enough for a deposit.
    I live in the south east, that's how.
    This is a system account and does not represent a real person. To contact the Forum Team email forumteam@moneysavingexpert.com
  • daivid
    daivid Posts: 1,286 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    sal_III wrote: »
    I wouldn't recommend mortgage debt and home ownership to someone in OPs situation. Single income + benefits + 15m baby.

    Not ideal but unless the current rental is a secure (council house type)
    then I think their housing security will be better - yes liabilities for repairs, maintenance... ..but if the savings threshold of £6k was held back they would have a better crisis fund than many.
  • Comms69
    Comms69 Posts: 14,229 Forumite
    10,000 Posts Third Anniversary Name Dropper
    shearer9206 wrote: »
    Exactly... How is £60k not enough for a deposit.
    I live in the south east, that's how.



    Well move...
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