not entirly sure what to do

INFECTION · 24 Mar 2006 at 00:02

hey guys i currently live in a counsil house with my parents lifes good and everything. mum and dad want to buy the house since we have made it more in to palace than a council home like nice garden pond nice luxuary interia and such. so mum and dad had the solicitor round to find out how to go about buying the house.

But the Problem hits dad is too old and retires in a year been 65 and my mum does not earn enough to buy the house.

so gathering this my mum is pretty upset.

i currently dont have a job but am looking for a full time well paid job.

if and when i get a job that pays a fair amount do you think i should put a morgage on the house and pay it?

so then if and when my parents decide to move out or the worst happens i will have a house to stay in ?

only thing is i have a young sister i mentioned what i wanted to do with house to my parents and they said great idea but then said you will have to share the house with your sister when where gone.
they said they would like to pay towards the house too and when they had gone i would have to buy my half from my sister.

i dont see this as fair yes would be nice for them to pay towards too but dont see why i would have to buy my half from my sister she hates living here and wants to get out as soon as possible with her bf shes only 16 at the moment. so i dont see why i should buy her half why dont my parents just keep there money let me buy the house and they can live there for while?

i really dont know what to do?
sorry for the rant just need to get it out and get some help.

thanks

INFECTION

Black Knight · 24 Mar 2006 at 00:13

I see your point. As it stands you and your sister will inherit cash rather than a home. I'm guessing that they wanted to be able to leave you bricks and mortar rather than this...hence their disappointment at not being able to get a mortgage.

I think you might be better getting a place of your own, as things could get very complicated should you not be able to afford the mortgage at any point for whatever reason. You really would have all your eggs in one basket if your parents cant afford the repayments either.

INFECTION · 24 Mar 2006 at 00:17

ture but i like where i am i got all my freinds around me nice naighbours local shops trainstation and bus stops and 15 mins away from the city centre too thats pretty much why i dont wonna go my sister wants to go because she wants to go to manchester with her bf god knows why but not my desicion.

Black Knight · 24 Mar 2006 at 00:25

Your sister will be entitled to some of the house if your parents are putting money into a mortgage. Do your parents pay rent on he council house?

INFECTION · 24 Mar 2006 at 01:27

yeh but she dont wont anything to do with it this is just confusing

Black Knight · 24 Mar 2006 at 01:33

Look at it this way

1. Your parents help you pay for the house in effect
2. They pass away in the future
3. You now have in your name all the money they have invested in the house...your inheritance from them. What does she get?

spike's · 24 Mar 2006 at 08:19

The way i look at is you could be getting a bargain. if your parents have been in the house for a good few years, they will be able to buy it at a reduced rate.

so it may be worth finding out a bit more info.

Kitchster_uk · 24 Mar 2006 at 08:24

You had a solicitor, not a broker round. Mortgages are available on the ability to repay and not age. Just stuff like Repayment Protector and Life & Critical Illness cover becomes monsterous over 65. As long as your dad can afford it, it'll be fine.

Oh, you'll need to be employed a MINIMUM of 3 months for a reputable mortgage provider to touch you.