over 75 mortgages

PapaLazaru · 5 Feb 2013 at 14:36

GAC said:
guess thats that then.

Just get them to take out a personal loan(s) or at least find out if they can. Just go online at Sainsburys and get them to stick all their details in.

GAC · 5 Feb 2013 at 14:36

my father wont, simple as that.

PMKeates · 5 Feb 2013 at 14:38

I am going through a similar process at the moment (though not dealing with 71 years of age, but 57). From what I've encountered, it will have to be *at least* the person(s) listed on the tenancy agreement who take out the mortgage e.g. HSBC, but most say the Right-to-Buy documentation. This means at least one of your parents has to go on the mortgage.

That said, as others have pointed out - don't get a mortgage. What discount are you being offered? I would beg, borrow and steal your way to £20k, and buy the house that way. The net worth (and for you, inheritance) benefits are worth it.

GAC · 5 Feb 2013 at 14:42

already asked who we can and no ones got the cash.

end of the day its thanks to my dad being a giant idiot and its taken 20 years of me going on at him to finally get him to sign paperwork to even put in for it. and now its too late by the looks of things, sure i could buy it if i was working but the state of the jobs market and everything else im not exactly betting il be in any sort of position in the next few years if ever. hence i was trying to get it sorted now.

Mr.E. · 5 Feb 2013 at 14:48

That's the inheritance gone eh ?

chriscubed · 5 Feb 2013 at 14:49

After reading the thread title I thought it was going to be about someone who had more than 75 mortgages.

I am disappoint.

haz_pro · 5 Feb 2013 at 15:00

GAC said:
honestly id have expected them to jump at this. £20k mortgage for a £65k valued house (they sell for 90k normaly this is a council one atm dont forget).

Like they want the hassle and bad press of repossessing a house due to deaths.

Stretch · 5 Feb 2013 at 15:04

OP, you are kidding right? It's standard practice not to lend money that isn't due to be paid back before retirement age.

A 42 year old wouldn't be able to get a 25 year mortgage.

Dr House · 5 Feb 2013 at 15:13

I dont know much about this stuff but why does the council sell a house worth £90k for £65k?

Is this not robbing the tax payers of £25k and also running down the stock of council houses or am I missing something?

Theophany · 5 Feb 2013 at 15:21

haz_pro said:
Like they want the hassle and bad press of repossessing a house due to deaths.

More saliently, why would they want to go to the hassle of flogging more repossessed housing in this market? The PR issue for banks is already FUBAR.

The Geezer · 5 Feb 2013 at 15:21

Dr House said:
I dont know much about this stuff but why does the council sell a house worth £90k for £65k?

Is this not robbing the tax payers of £25k and also running down the stock of council houses or am I missing something?

I have to agree. Once your parents pass on why not let the council move the house on ?

estebanrey · 5 Feb 2013 at 15:32

haz_pro said:
Like they want the hassle and bad press of repossessing a house due to deaths.

A question about repossession, what happens to the amount you paid off it? Let's say, for example, someone had a £100k mortgage and died after paying £90k what happens? I know legally you don't own anything (on HP anyway) until the last penny has been paid but in my scenario the house would more 'owned' by the person than by the bank.

Do you lose your £90k and the bank just sell the house, keeping all the money they get for it or do they sell it and give you back what you've paid? If the latter what if they can only sell it for £70k? Or would they just take the final £10k you owed them and give you the remaining 60k?

Dr House · 5 Feb 2013 at 15:33

estebanrey said:
A question about repossession, what happens to the amount you paid off it? Let's say, for example, someone had a £100k mortgage and died after paying £90k what happens? I know legally you don't own anything (on HP anyway) until the last penny has been paid but in my scenario the house would more 'owned' by the person than by the bank.

Do you lose your £90k and the bank just the house or do they sell it and give you back what you've paid? If the latter what if they can only sell it for £70k?

no.

The bank would sell the house, take its 10k, plus fees and costs and give you what ever is left over.

PMKeates · 5 Feb 2013 at 15:34

Stretch said:
OP, you are kidding right? It's standard practice not to lend money that isn't due to be paid back before retirement age.

A 42 year old wouldn't be able to get a 25 year mortgage.

That's not true. It's standard practice not to lend money to someone who cannot reasonably prove an income for the duration of the mortgage. My mum has nothing other than the state pension to look forward to, and lenders are quite happy to run until 70 years of age. Someone aged 42 wouldn't have any issues getting a 25 year mortgage!

GAC said:
already asked who we can and no ones got the cash.

end of the day its thanks to my dad being a giant idiot and its taken 20 years of me going on at him to finally get him to sign paperwork to even put in for it. and now its too late by the looks of things, sure i could buy it if i was working but the state of the jobs market and everything else im not exactly betting il be in any sort of position in the next few years if ever. hence i was trying to get it sorted now.

Then my advice is to really pull your socks up, work like hell, get some money and a loan for the rest, and get it sorted before your parents are gone. You will instantly gain the £45k discount (under certain conditions) in terms of net worth, and have no mortgage to pay. This will be a fantastic leap to changing your financial situation significantly. I really urge you to not give up and act now!!

estebanrey · 5 Feb 2013 at 15:36

Dr House said:
The bank would sell the house, take its 10k, plus fees and costs and give you what ever is left over.

Ahh Ok, and do they legally have the power to do this right up until the last penny is paid? In legal terms is it the same as HP whereby technically no one owns their home until the mortgage is fully cleared?

estebanrey · 5 Feb 2013 at 15:39

PMKeates said:
That's not true. It's standard practice not to lend money to someone who cannot reasonably prove an income for the duration of the mortgage. My mum has nothing other than the state pension to look forward to, and lenders are quite happy to run until 70 years of age. Someone aged 42 wouldn't have any issues getting a 25 year mortgage!

I've also heard that lenders actually prefer benefits and pensions because it's a guaranteed (to the extent anything in life can be) income. You can lose your job at anytime but even if the Government were to abolish pensions or certain benefits it would take so long to get through parliament and then to actually come in there would be enough time for the bank and lender to come up with a solution.

GAC · 5 Feb 2013 at 15:40

PMKeates said:
TThen my advice is to really pull your socks up, worked like hell, find that £20k, and get it sorted before your parents are gone. You will instantly gain the £45k discount (under certain conditions) in terms of net worth, and have no mortgage to pay. This will be a fantastic leap to changing your financial situation significantly. I really urge you to not give up and act now!!

yeah thats the plan, IF i can get a sodding job, thanks to working physical jobs and a few bumps and bangs i had to stop doing what i was 18 months ago. so far iv had no luck with anything. which isnt helping my overall mood of late.

shoes · 5 Feb 2013 at 15:56

GAC said:
yeah thats the plan, IF i can get a sodding job, thanks to working physical jobs and a few bumps and bangs i had to stop doing what i was 18 months ago. so far iv had no luck with anything. which isnt helping my overall mood of late.

That sucks dude

It does give you even more reason to try and get this sorted, as others have said, it will benefit you greatly in the long run, particularly if you are finding it hard to get work in your industry/skill set.

Out of curiosity, how long have they lived in the property? I know there's a threshold (five years?) before you earn the right to buy, is this something which has only just come about, as it seems an odd time of life to suddenly want to buy a house.

GAC · 5 Feb 2013 at 15:58

as iv already said my dads been a major idiot and its taken 20 years of pestering him to get him to the point of filling out the right to buy paper work.

as for my skill set and industry that would be none honestly and thanks to my knee's slowly falling apart through working physical jobs i have to try and retrain, but with sod all help out there its rather difficult.

daz · 5 Feb 2013 at 16:29

Dr House said:
I dont know much about this stuff but why does the council sell a house worth £90k for £65k?

Is this not robbing the tax payers of £25k and also running down the stock of council houses or am I missing something?

I wouldn't say it's "robbing". You have to stay in the house for 5 years after purchasing your home under the scheme, otherwise you have to pay back a proportion of the discount you've received in buying the house.

The discount is an incentive to get social housing tenants to "buy in" to an area.