Paying off Parent's mortgage.
Discussion
Afternoon all,
I'd like to help out a parent who still has an outstanding mortgage.
Essentially: Parent still owes c.£40k on a c.£150k house.
House occupied by Parent and wastrel sibling.
Having already helped out a bit in the past, Parent has house bequeathed to me in the event, on the understanding that I take out my stake and divide 50/50 with wastrel sibling which I am completely happy to do.
I'm now in a position to blow my life savings on something with 2 seats and a V8 but am considering paying off their mortgage instead, thereby allowing parent some kind of retirement rather than facing the prospect of dropping dead behind the till at the local mini-mart.(plus childcare is hellishly expensive these days and if Granny has nothing better to do....
)
I'd be very interested to hear anyone's views on the best way to go about this as I'd still like the 2 seater with the V8 before I retire.
Does this simply require a properly prepared will?
Regards
Dave
I'd like to help out a parent who still has an outstanding mortgage.
Essentially: Parent still owes c.£40k on a c.£150k house.
House occupied by Parent and wastrel sibling.
Having already helped out a bit in the past, Parent has house bequeathed to me in the event, on the understanding that I take out my stake and divide 50/50 with wastrel sibling which I am completely happy to do.
I'm now in a position to blow my life savings on something with 2 seats and a V8 but am considering paying off their mortgage instead, thereby allowing parent some kind of retirement rather than facing the prospect of dropping dead behind the till at the local mini-mart.(plus childcare is hellishly expensive these days and if Granny has nothing better to do....

I'd be very interested to hear anyone's views on the best way to go about this as I'd still like the 2 seater with the V8 before I retire.
Does this simply require a properly prepared will?
Regards
Dave
There is a lot of satisfaction in being able to do it. I had a similar experience. My father needed to be in a home but could not bear to part with the house. I looked after everything for a couple of years and he eventually decide to sell up. I had always made it clear that any money I had spent was gift, not a loan, but he knew my sibling would grab every penny possible .After the house was sold he insisted in reimbursing me for every penny I had spent. After hid death of course everything was split 50/50.
if you can take the necessary precautions I would do it. I think you will feel very good later on that you did something for the parent,as you have already done. There seems to be a wastrel sibling somewhere for most of us.
The V8 will show up later
if you can take the necessary precautions I would do it. I think you will feel very good later on that you did something for the parent,as you have already done. There seems to be a wastrel sibling somewhere for most of us.
The V8 will show up later

Good on you all. Nice to hear.
My brother and I both had to help buy my mother a place after our gran died. Mother (with few personal assets) lived with gran for her last 10+ years as full time carer - otherwise she would have been in a home and all assets used to pay the fees.
The will was clear - 50:50 with the uncle, with one allowed to remain there for life - my mother. Uncle wanted his half immediately to supplement his dreadful police pension (new car, multiple holidays, wife never !!! worked). My mother didn't want the hassle so gave in. He did 'lend' (after a bit of a row) £15k for five years towards the purchase - legally written - or he got a silly % of the purchased property.
Paid him off early, but mother didn't allow us to do it in pennies.
And the sod has never been to his own mothers grave since she was buried seven years ago.
OK - the my SLK isn't a V8, but its the two seater toy - and retirement for me is 25 years away by latest gov't estimates. So you can have almost everything.
My brother and I both had to help buy my mother a place after our gran died. Mother (with few personal assets) lived with gran for her last 10+ years as full time carer - otherwise she would have been in a home and all assets used to pay the fees.
The will was clear - 50:50 with the uncle, with one allowed to remain there for life - my mother. Uncle wanted his half immediately to supplement his dreadful police pension (new car, multiple holidays, wife never !!! worked). My mother didn't want the hassle so gave in. He did 'lend' (after a bit of a row) £15k for five years towards the purchase - legally written - or he got a silly % of the purchased property.
Paid him off early, but mother didn't allow us to do it in pennies.
And the sod has never been to his own mothers grave since she was buried seven years ago.
OK - the my SLK isn't a V8, but its the two seater toy - and retirement for me is 25 years away by latest gov't estimates. So you can have almost everything.
You can register a charge on the property for the amount you've paid, plus interest. This had been done by my parents when they leant my sister a large sum of money - in lieu of payment - and they recovered their money on her death as all debtors have to be paid off before anyone can inherit anything out of the estate.
e.g. see http://www.pistonheads.com/GASSING/topic.asp?h=0&a...
e.g. see http://www.pistonheads.com/GASSING/topic.asp?h=0&a...
Edited by oldbanger on Wednesday 9th February 23:03
yammyfan said:
I would pay off my mums mortgage in a heartbeat - just make sure the will is correctly divided with sibling...
Same here, my parents have helped me out alot, and continue to do so, so if I was ever in a position to do this I would choose this over a car. Although, ive a sneaky feeling that my sister would try and backstab me and take my share of the inheritance money of the house sale, even though my parents have helped us equally although they have invested further money into her house to allow her to buy whereas I bought my house without their help. I'm all up for family values, but I wouldn't trust them as far as I could throw them when it comes to 'free' money. Gassing Station | Finance | Top of Page | What's New | My Stuff