Parents To Old To Take Mortgage. Can I Stand For Them?

[crazygirly]

Hi All

Been asked by parents if i would submit my yearly income etc to mortgage advisor because they are 1. just over 60 years old and possibly cannot get a mortgage and 2. havent been in the country long enough working.

Is this a wise move i'd be making?? By the way this would be for a mortgage so they could 'buy to let' the property.

[tonywiltshire]

Logic and emotion or as you put it loyalty and sensibility are not good bed fellows and in my experience emotion often wins, not always with a happy ending. You are unable to be certain the property will be left to you in your parent's Will and you are not able to arrange this now. You say in your supplementary information that you have an existing mortgage, have you established that you would be able to arrange a further mortgage?
No one will be able to advise you adequately on a matter of logic v emotion only point out the possible pitfalls which has been done. I would think long and hard before you come to a conclusion. Take note of what Peter Pedant says here is a man, who owns more of Manchester than most and in his comments there is very often a gem of wisdom.

[crazygirly]

Hi All, thanks to everyone who has offered their advice especially Peter Pedant and Tony Wiltshire. Now i suppose the only hurdle to get over is to reject the idea of my fathers and make him aware that i dont think it is a good idea, as i had initially agreed to this idea but not given him the info he requests or even signed anything yet and take the chance that he will cut me off....if not forever then certainly that would be his initial reaction. As you will all see in my comments before i have been made a promise by my parents before only to have the promise taken away.

[IggyB]

I may have missed something in the reading of this thread but are you saying that your father is the executor of a will, and thus responsible for distributing / managing the estates assets AND that one of the assets in question is this house he would like to purchase. So because he is the executor he is not legally able to purchase the property it his own right and has therefore approached you to purchase the property in your name and then basically give it to him?

If that is the arrangement it seems legally and morally flawed - I would seek some independent legal advice before going any further and make sure you explain to them your father legal involvement in the proposed sale of the house to you.

I apologise if I have missed the point and this house is not part of the estate your father is managing... either way I think you need to consider if you could afford two mortgage payments if they were needed, if you couldn't then the risk may be to high?

[bednobs]

i dn't think its that - as i read it, the house has been left in the will to the dad and his sister (the auntie). The dad wants to buy the auntie out, so needs to raise a mortgage for 1/2 the house's value, but can't get one because he is too old

[IggyB]

ah sorry - must have loss the plot, ignore me...

[crazygirly]

Thanks Peter Pedant, great answer!! You have a great talent there. You have never met my father.......but i guarantee, YOU ARE SO RIGHT, LOL!!!

Once again thanks for your spot on advice {;¬))

[crazygirly]

Thanks IggyB for a great reply. Top n bottom of it is my father wants to buy his sister out, who he doesnt get on with but thats another story.....i get the feeling that he would feel defeated should his 'idea' not pull off!

He has said that the property would be passed to me when he passes away, which is all well and good but im also aware, so they tell me, that they are skint. So im also thinking that he may also be seeing this as a last ditch attempt to make money. He has always owned/run his own businesses and is very intelligent and YEAH, great.......he has asked me to submit my salary info etc to enable him to gain this mortgage AND then 20 or so years down the line, i get the property but who is to say that he wont have mortgaged it to the hilt therefore what i would have gained is just a bag of trouble.

The other day i did managed to speak to my mum over the phone when my father wasnt in earshot of our converstaion and she thought that this house idea is a good idea??????

My dad also approached my brother regarding this venture who flatley refused. IggyB....to get you up to speed with my brothers could be possible involvement in this then please see page 1. second reply down from me = which explains about my brothers possible involvment and the also the 12th box down, first page which also explains a little more about my brothers possible involvment.

Any replies greatly appreciated!!!

[crazygirly]

Yeah spot on BEDNOBS!! This is the scenario.

:¬))

[woofgang]

easy....just say no.

[boxtops]

I still agree - you've already got a mortgage. Don't get involved. You're just heaping up future trouble for yourself, financially.

[society]

Crazygirl, I wouldn't take a chance on this, especially since you are already committed to a mortgage. It's not wise to get involve.