Second Residential Mortgage

aliabebedoll

Hi all,

I’m in a sticky situation. I currently have a mortgage of approx £98k on a residential home. I am the sole mortgage holder. Unfortunately, my ageing parents were left blacklisted and with no home and live with me. This was fine while I was single, but now I’m pregnant with my partner and we want a place on our own. I don’t want to leave my parents homeless, but neither do I want my partner or I to live with them.
My partner will be a first time buyer, we both have some savings and an income of about £2k pcm after tax. I don’t want to, and also can’t, sell my other property and leave them high and dry. Does anyone know the best way to go about this? Joint mortgage? His own mortgage, which I would make a contribution to? I have no idea where to begin. Thank you

[Deleted User]

aliabebedoll wrote: »

Hi all,

I’m in a sticky situation. I currently have a mortgage of approx £98k on a residential home. I am the sole mortgage holder. Unfortunately, my ageing parents were left blacklisted and with no home and live with me. This was fine while I was single, but now I’m pregnant with my partner and we want a place on our own. I don’t want to leave my parents homeless, but neither do I want my partner or I to live with them.
My partner will be a first time buyer, we both have some savings and an income of about £2k pcm after tax. I don’t want to, and also can’t, sell my other property and leave them high and dry. Does anyone know the best way to go about this? Joint mortgage? His own mortgage, which I would make a contribution to? I have no idea where to begin. Thank you

What blacklist are your parents on and who put them on it?

Why can't your parents rent somewhere to live so that you can sell your current home and jointly purchase a more suitable property with your partner?

aliabebedoll

My parents are blacklisted as my father took out several secured loans on their property and was unable to pay the amount back. They tried all they could, but were unable to pay off the outstanding balance. This is all I'm aware of.

My parents bring stubborn, won't find themselves a property and day they are unable to afford rent on their pensions. They're very aloof when it comes to mi
money matters. As far as I am aware, they have no savings, but I'm unsure if there are any other outstanding debts I don't know about. It's having a huge impact on my life as I want to be able to build my family, but it looks like they're occupying my abode for the foreseeable.

It's also in my interest to keep my current property, as it's in a sought after area, with plenty of equity and a small mortgage in comparison to the LTV, so I want to keep it. If my partner could just move in and contribute, it would be ideal, but it looks like we may have to look elsewhere.

[Deleted User]

aliabebedoll wrote: »

My parents are blacklisted as my father took out several secured loans on their property and was unable to pay the amount back. They tried all they could, but were unable to pay off the outstanding balance. This is all I'm aware of.

My parents bring stubborn, won't find themselves a property and day they are unable to afford rent on their pensions. They're very aloof when it comes to mi
money matters. As far as I am aware, they have no savings, but I'm unsure if there are any other outstanding debts I don't know about. It's having a huge impact on my life as I want to be able to build my family, but it looks like they're occupying my abode for the foreseeable.

It's also in my interest to keep my current property, as it's in a sought after area, with plenty of equity and a small mortgage in comparison to the LTV, so I want to keep it. If my partner could just move in and contribute, it would be ideal, but it looks like we may have to look elsewhere.

There’s no such thing as a credit blacklist. It might be that one or both of your parents were forced into insolvency but that’s not the same as being put on some mythical black list. How long ago are we talking about?

I think you are bonkers leaving a home in a sought after area that in an ideal world your partner would move into just so you can accommodate your !!!!less parents. Can your partner afford to buy a new home for the pair of you in his name only, if not you’re looking at the higher rate of SDLT. Keeping this property and presumably not charging your parents rent or at least market rent will impact how much you can borrow for the other property.

It’s time your parents cut their cloth accordingly and moved out. If their pensions (just state or do they have private pensions too) mean they can’t afford to rent then they need to look at applying for other benefits such as pension credit and housing benefit. They can find out what else they are entitled to at Turn2Us.

https://www.turn2us.org.uk/

Your parents should also contact the council to if there is any over 55 housing available.

I get that they are your parents but this is not your circus and not your monkeys. High time your parents took responsibility for themselves and time for you to start living your life with your partner.

davidmcn

Lover_of_Lycra wrote: »

your !!!!less parents

Another innocent word falls victim to the MSE censor!