Mortgage via inheritance?

Solenoid

I am still laughing here lol 😆 with your 'maybe not for another 10 years" sentence

MovingForwards

Pold said:

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.

No you can't. If you want to buy a property again you need to save up the deposit and associated fees. Same as anyone else who lives in an expensive area, the advice is to look further out where prices are cheaper.

Rudi1990

I can’t really add anything that hasn’t already been said, however if neither set of parents will consider equity release then they may not be leaving ‘your’ inheritance to you!
Do what most people have to do - save hard, go without and get a deposit together - 5% deposit mortgages are back on offer now and help to buy is also an option.
Make the most of your parents while you are lucky enough to still have them 

Rudi1990

https://forums.moneysavingexpert.com/discussion/3692741/giving-a-large-amount-of-money-to-family-members/p1

From this post in 2011 either you have been banking on this money for a very long time, or you already had a large inheritance and didn’t buy a house with it 🤔

MovingForwards

Rudi1990 said:

I can’t really add anything that hasn’t already been said, however if neither set of parents will consider equity release then they may not be leaving ‘your’ inheritance to you!
Do what most people have to do - save hard, go without and get a deposit together - 5% deposit mortgages are back on offer now and help to buy is also an option.
Make the most of your parents while you are lucky enough to still have them 

Can't use H2B as previously owned a property.

Caz3121

Pold said:

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

there is no guarantee you will receive any inheritance, you do not know whether any/all of the parents may require residential care in the future (currently averaging £700+ per week in the UK)
They may decide to release equity and blow the lot travelling/spending.
They could decide to gift you some deposit but if their wealth is all in their properties this may not be an option so you could look at a plan on how quickly you can get the deposit (I used a spreadsheet to track this and was great - have a look at your income and outgoings and cut back where possible and throw every 1p into savings.
If parents want to help would it be an option to have you live with them for a low rent to allow you to throw more into savings?
Look at stuff you can sell, eBay etc....it may not take as long as you think

rachelheels

Yes Caz3121 said:

Pold said:

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

there is no guarantee you will receive any inheritance, you do not know whether any/all of the parents may require residential care in the future (currently averaging £700+ per week in the UK)
They may decide to release equity and blow the lot travelling/spending.
They could decide to gift you some deposit but if their wealth is all in their properties this may not be an option so you could look at a plan on how quickly you can get the deposit (I used a spreadsheet to track this and was great - have a look at your income and outgoings and cut back where possible and throw every 1p into savings.
If parents want to help would it be an option to have you live with them for a low rent to allow you to throw more into savings?
Look at stuff you can sell, eBay etc....it may not take as long as you think

Lol he might try to sell/ebay his parents