Buying house for outstanding mortgage

getmore4less

AnotherJoe said:

There's also an impact upon you, you say you are renting, so presumably don't own a house and have not owned one, if so you would lose your first time buyer benefits if you ever decided to buy a house elsewhere. 

On the face of it the simpler and better solution would be as another poster mentioned,  you pay the mortgage, in one go or just take over the monthly payments, but asa loan, not a gift. That way your money is protected should the house ever need to be sold,  plus he doesn't have a large sum of money that would need to be spent down to get him back on benefits. If you just give him the money then some benefits would be removed or reduced so in effect you'd just be paying his benefits for a while. Same for, say the house needs £10k spending on it to fix the roof or whatever, you make thata loan.then if the house ever needs to be sold to pay for his care, your money is protected. 

This also avoids issues such as, imagine you got into  bad financial trouble and became bankrupt. If you owned his house, he would be evicted as it was sold to pay your debts. 

GIfts do not effect means tested benefits unless you keep them as saving longer term they become capital.

AnotherJoe

getmore4less said:

AnotherJoe said:

There's also an impact upon you, you say you are renting, so presumably don't own a house and have not owned one, if so you would lose your first time buyer benefits if you ever decided to buy a house elsewhere. 

On the face of it the simpler and better solution would be as another poster mentioned,  you pay the mortgage, in one go or just take over the monthly payments, but asa loan, not a gift. That way your money is protected should the house ever need to be sold,  plus he doesn't have a large sum of money that would need to be spent down to get him back on benefits. If you just give him the money then some benefits would be removed or reduced so in effect you'd just be paying his benefits for a while. Same for, say the house needs £10k spending on it to fix the roof or whatever, you make thata loan.then if the house ever needs to be sold to pay for his care, your money is protected. 

This also avoids issues such as, imagine you got into  bad financial trouble and became bankrupt. If you owned his house, he would be evicted as it was sold to pay your debts. 

GIfts do not effect means tested benefits unless you keep them as saving longer term they become capital.

If the OPs father has an extra £30k in his bank account, and much lower outgoings because no rent so that hangs around, you can bet thats going to affect most benefits. Isnt the limit starting in teh low tens (where it starts to affect benefits) and gone away by doubel that, eg no benefits (apart from ?PIP?)

Or if he is spending money so fast the £30k goes away quickly, then this is a very temporary fix OPs dad will be back to square one quickly.

getmore4less

There is no money hanging,  gift as and when needed  a gift to pay of the mortgage is fine.