- Joined
- Apr 6, 2018
- Messages
- 465
- Points
- 213
So after getting myself straight, going from a sub 500 Experian to 993 score. Decent job, me and my mum after suffering the horrendous reality of looking after her parents, the social care (or not system) etc and Mum's suffering health from saving the governement thousands by caring for her parents, we decided it was a fab idea that we don't make the mistakes that they did that we would combine finances and buy a house big enough for both of us, so that in the future my inheritance was safe and I would finally be able to own a home and that Mum had someone to look after her etc. Long story short, I have been approved for 130k mortgage, she has sold her house for £180k. We are renting together (well I am paying it all as we thought that was best to protect her deposit) and in the area I live in that is a healthy budget for a 3 bed bungalow.
So we started to look at houses and we went on Friday to the local highly recommended Mortgage broker as we were aware our situation is a bit off piste so the banks don't want to get involved. He was very good but he dropped a few bombshells
1 - Mum has to be on the mortgage even though I am paying and it is based on my income as she is living there. She is 68.
2 - She cannot use her deposit even as a 'gift' so I can get the house as she is living in it so
benefiting from the gift. Even if we could afford to defer her moving in, if at some point she needed social care then it would come up and we would lose the house to pay for her care. So they won't let us proceed on that route as I would be homeless.
Its complete bollocks, I am so upset, I didn't ask to be single at 37 and renting and this seemed a perfect solution, I can care for Mum and we can have a lovely home together. In reality we probably won't need to put her in a home but we cannot get finance for it at all.
The only real option that has come up is Mum gets lifetime mortgage (equity release by another name) however I can't live with her from the start and have to ask permission to do so, then at the end I get nothing, so homeless again. She could choose the roll up option and not charge me rent or pay off the mortgage on the house so I can save for a deposit which would mean getting a mortgage at 40 plus for me and having to live in that for so long so that I can then rent it out and at least have a home when Mum goes. But it all seems so unfair why we can't just combine our finances.
Sorry for the rant.
So we started to look at houses and we went on Friday to the local highly recommended Mortgage broker as we were aware our situation is a bit off piste so the banks don't want to get involved. He was very good but he dropped a few bombshells
1 - Mum has to be on the mortgage even though I am paying and it is based on my income as she is living there. She is 68.
2 - She cannot use her deposit even as a 'gift' so I can get the house as she is living in it so
benefiting from the gift. Even if we could afford to defer her moving in, if at some point she needed social care then it would come up and we would lose the house to pay for her care. So they won't let us proceed on that route as I would be homeless.
Its complete bollocks, I am so upset, I didn't ask to be single at 37 and renting and this seemed a perfect solution, I can care for Mum and we can have a lovely home together. In reality we probably won't need to put her in a home but we cannot get finance for it at all.
The only real option that has come up is Mum gets lifetime mortgage (equity release by another name) however I can't live with her from the start and have to ask permission to do so, then at the end I get nothing, so homeless again. She could choose the roll up option and not charge me rent or pay off the mortgage on the house so I can save for a deposit which would mean getting a mortgage at 40 plus for me and having to live in that for so long so that I can then rent it out and at least have a home when Mum goes. But it all seems so unfair why we can't just combine our finances.
Sorry for the rant.