Advice re Sell and Rent back your home.....

willing2learn_3

Just another thought

My dad is wondering whether this new loan company is trying to put him off getting a loan with them.....although they've been really positive up to now. However i don't think that's the case cos it must be true that the previous loan company has listed all these charges. Just weird that they've not mentioned them before.

TurnaroundSue

Hi WTL, have just come across your thread and noticed that you say you don't have a mortgage. Would it be worth considering/possible for your name to go on the mortgage/deeds and help towards any costs of the increased amount.

Not sure how doable this is, but thought it might be worth considering.

willing2learn_3

TurnaroundSue

thanks for your reply! It really helps just to talk to people even if there are no answers. As for me going on the mortgage deeds, i didn't really know if this was possible.....there are problems i can immediately think of, one is i don't earn nearly enough and struggle to make ends meet renting a flat. I think moving back in with my parents would be financially good for us all but psychologically challenging!

Also, as with most problems, there are other problems that are linked.....one is that i've got a poor (or non existant) credit history. I've never been a big spender. I just never played the game, so i haven't built up any kind of credit rating......I did have 2 CCJ's in the past, which i've been paying off regularly.....scared to apply for credit at the moment as don't want to be turned down and damage credit file further.

I am going to send away for my credit files. Cannot do online as no card!

It's amazing how one problem leads to another, and another and another.....

thanks again :-)

willing2learn_3

by the way i hope i'm not judged too harshly re those CCJ's.....I got them years ago, in my early twenties (i'm now 38)......I didn't even know what they were. I really wasn't prepared in any way for dealing with financial matters....

I wish now i was!

stapeley

Some of these rent back companies are goning bust ! If that happens they will have no control on what happens to the house .

willing2learn_3

Update:

Really not sure what the right thing to do is!

My parents have contacted the original loan company to see what the extra charges are all for....and if they seem to be unfair they will contact the financial ombudsman......

Meanwhile the new remortgage company are saying that we need to try to bring those costs right down before they speak to the lenders....although they have said the lenders might agree the remortgage anyway....but better to try to win their 'confidence.'

This is the issue i am struggling with the most. I suggested my parents consider the idea of me moving back in with them....for about a year so that i could pay them £400 a month and give them time to think about their longer term plans (it would also give me a chance to save, which i cannot do at the moment). Well my mother is now saying she's up for the idea. However i'm starting to lose my confidence in my parents.....when i stayed with them before they were very noisy at night and i couldn't sleep (they are not disciplined and stay up late no matter what time they have to be up in the morning). My mother seems to be making decisions based on what's in it for her and my father and doesn't seem to ever consider me.

The other day she said they might just sell up and go abroad, and she seemed to think i would join them. It's like she doesn't see me as someone with my own issues, life, etc.

I phoned up a relative to talk it all through tonight and she said i'd be crazy to move back in with them and that the money i gave them probably wouldn't be enough anyway. She said my parents should sell the house now, even in this climate and find somewhere to rent.......

thoughts?

(i've told my mother we really need a budget drawn up so that we can all get a plan together that will work.....but she seems to resist this idea......this makes me wonder if i'm just going to sacrfice my own space, move in with them....give them money.....and there will still be a problem!)

thanks for listening

W2L

mum2one

Oh big hugs, it sounds like your being pulled in all flaming directions, I can see where your coming from re trying to help your parents out by moving back in with htrm, but from your own words, and from what ur relative has said, it would be chucking good money after bad.

In a way with your parents is seems like a form of grief, it may sound silly, but maybe its got to your mum and its just got to the stage that they are running riot (even at their age), the second company seems to be positive, and maybe if you can get the financial obsbumen on board, it may give them a light at the end of the tunnel.

I think they just dont want to face reality and are scared whats going to happen, and that could be why your mum has suggested moving abroad, maybe because you came up with the suggestion of moving in with them, your mum has taken this as a green light that you are willing to put ur life in their hands.

I may of asked b4 or you may of already said, (sorry if case) have you any siblings it just that you seem to be taking the worls on your shoulders.

Again a thought (sorry brian must be active 2ngt), but another thin re your parents staying up, etc, it may be depression, I know that their gp wont be able to discuss thier health with you, but that doesnt stop you speaking to the gp airing your concerns and that way he/ she will be filled in.
x

tealady

Hi I know this thought might be a bit "off the wall "so to speak but were Mom or Dad in the armed forces (or were their parents). If they were then you could try asking somone like the British legion or SSAFA to see if they can advise for free.
There are also free debt advice charities.
If either of them want to up their income they could try the £10 a day challenge.
Also if they are fit and not too elderly there is nothing to stop them applying for part time work (try a large shop). Some compainies will take on retired people.
Hope this helps.

willing2learn_3

thanks Tealady

they were not in the forces. They also work from home so they couldn't go out to work .....although my mother could do some work at home if it fitted in with her admin work that she has to do for their home business.

willing2learn_3

Interesting idea mum2one, about the depression. I think i will email my GP.....or the nurse at the surgery (she knows some of the problems i've been having recently).

I think i really need to get financial advice and quick. This whole thing is worrying me. Do i move in with my parents or not? I mean, i need to see that it would work. To do that i need them to complete a SOA. They are not willing to do, they are not hiding anything i'm sure, i think they just don't think things through step by step (the way i was taught to do through college and uni).

The latest is that they have a mortgage advisor visiting tomorrow. This person is part of a finance company, so not independent.....

I saw some houses for sale at the estate agents today whilst walking through town. One was for a house for £140,000. I said to my parents if they managed to sell their house for 200,000 they would have 60,000 to pay back that debt (to the loan company) and then they would just have their original mortgage to deal with, which would be easy.

Dad looked at the house and said 'it only has one bedroom!' Yes...AND it would solve a lot of financial problems.......?

Dad said we had time to sort this situation out and there's no point in rushing into anything. However my concern is that if they don't meet their repayments then the loan company will have them up in court again. Dad said they have to miss 3 monthly repayments for that to happen.......to which i countered, 'does that change now that you've been to court once?' He didn't answer.

He seems keen on staying in the house that they have.....even if it means an equity release scheme....although one company has turned them down for this already.

He said he'd sell the house as a last resort.

I don't know what anyone esle thinks but i don't think there's time, i think they should be looking to make a decision soon.

Did anyone see the panorama programme this week. One of the professors on there was advising that people (people that would be in my parents situation) sell and quick. I don't know if that's the best advice myself, surely houses will go back up in value with time? Surely owning is better than renting?

Thoughts? Also if anyone has any ideas of where i would go for independent financial advice i'm wiling to listen :-)

Thanks for listening!