Mortgage via inheritance?

Pold

Hi all, 

This might seem like a daft question but here goes.

We currently rent . 

Between me and my wife we will inherit circa £350,000-450,000 (total) from each of our parents. 

This may not come for say 10 years 🤷🏻‍♂️.

Both parents are not keen in equity release (both houses fully paid off). 

What with rent we will struggle to get a deposits for a house anytime soon (Surrey prices!) of around 50k.

Will any bank lend based on the fact we will have the money but not for some years? 

I’d rather not be paying 15k in rent each year !

Thanks all, 

Pold.

Edit. You guys are great, your answers are great. Most of you would have burned me at the stake if you could. I would delete the post but I can't. So !!!!!! you very much for your input.

[Deleted User]

No.  Your parents could decide to spend all their money on Wagon Wheels and fidget spinners in the next ten years, meaning you inherit nothing.

You'll need real money for a deposit, and real income for the mortgage.

dunstonh

<div>Between me and my wife we will inherit circa £350,000-450,000 (total) from each of our parents.&nbsp;</div><div><br></div><div>This may not come for say 10 years 🤷🏻‍♂️.</div>

I have seen people say that before and were still waiting 20 years later.     People frequently fail to understand life expectancy.

Will any bank lend based on the fact we will have the money but not for some years? 
Not a chance

davidmcn

Nothing is certain, not even the order in which people kick the bucket (plenty living into their 90s these days, while their 70ish kids die off from the usual causes).

Capri84

This goes beyond ‘count your chickens...’ doesn’t it...

Not a chance the bank will take future inheritance into account. They could leave it all to the local cats home rather than you. 

Seems a bit hand-wringy to even be thinking of it in these terms (sorry... but it does!) 

I guess you could just ask your folks if they could help with a deposit, you never know - they might prefer to help you while you’re around rather than after they are gone. 

Redwino222

I am sorry but is this a joke?

There is no chance of securing an advance in your inheritance from a financial institution.  Your parents could (and arguably should) decide to slow their money on world cruises and champagne.  Or is could be swallowed with care home fees.

or they could decide to leave their money to someone else - particularly if you have asked them about equity release.

Techyteacher

If my children thought like this. I’d leave it all in trust to the grandchildren (if I had them, I’m not old enough). If not I’d spend it on SAGA cruises. I can’t imagine waiting for my parents to die and securing my house on it.

Capri84

Just carry on renting, and then spend your half a million quid on a nice house, mortgage free. 

Probably best to wait til they are in the ground though. 

zagubov

I would bring your attention to the case of Mme Jeanne Calmant.

loroc28

In a previous job I came across a lot of people who were certain that money they were due to inherit was a certainty without realising the cost of care in this country and seeing lots of it get eaten up in that way. It really isn't your money at this stage - there is no way of knowing what the future holds. 

Solenoid

Lol yes I thought this was a joke too. You are just trying to cheer us up arent you 🤔