Advice for those buying new vans with mortgage

[PeteH]

That`s an "Interesting" Thread. (Ok I`ll get my coat, Again).

How about this, Your a couple in later years. No kid`s, or all grown up and worth far more than you anyway! Mortgage paid. So hypothetically, If you and or spouse, go into full time care. The Home is going to end up sold and all (or most) the equity goes to the care providers? If you have no "equity", say rented, care is funded by the state using the system you paid into for over 50 years (tax and NI). Some think that is "fair". I disagree, So, take the "equity" at a fixed low interest and with a guarantee against negative equity too, (equity release plan). buy the "gin palace" of choice. when the final curtain drops, any care providers/local authorities/government, can Argue with the Estate over who gets what.

 

[Coolcats]

Back to the original issue, if the dealer will not wait I would look at finding a family member or friend to bridge the problem.

A member of our family had the same issue when buying a house, so we all put in enough to pay for the house while they got the financing in place.

Lol if my sisters came to me asking for a loan for a MoHo......erm no and I am pretty sure my mates would all say the same.

 

[Minxy]

Back to the original issue, if the dealer will not wait I would look at finding a family member or friend to bridge the problem.

A member of our family had the same issue when buying a house, so we all put in enough to pay for the house while they got the financing in place.

Great idea in principle but I've watched enough 'Judge Judy' to know that this is a very slippery road with no guarantee that you'll be paid back ....

 

[Wack]

That`s an "Interesting" Thread. (Ok I`ll get my coat, Again).

How about this, Your a couple in later years. No kid`s, or all grown up and worth far more than you anyway! Mortgage paid. So hypothetically, If you and or spouse, go into full time care. The Home is going to end up sold and all (or most) the equity goes to the care providers? If you have no "equity", say rented, care is funded by the state using the system you paid into for over 50 years (tax and NI). Some think that is "fair". I disagree, So, take the "equity" at a fixed low interest and with a guarantee against negative equity too, (equity release plan). buy the "gin palace" of choice. when the final curtain drops, any care providers/local authorities/government, can Argue with the Estate over who gets what.

This has been going on for decades , in the 80s I had older married friends with elderly parents , both sets were in the same care home

his had saved all their lives , had a mortgage , paid it off , plenty of saving for when they got old ,the state took every penny of it to fund their care

hers had lived in a council house ,a few holidays a year , new car every 3 years , lived hand to mouth , had next to no savings , all their care paid for by the state.

It‘s a moral dilemma.

 

[Boris7]

Great idea in principle but I've watched enough 'Judge Judy' to know that this is a very slippery road with no guarantee that you'll be paid back ....

OK So now I've looked up Judge Judy..

Firstly, Minxy, you really need to get out more

Secondly, you just need to be careful, I wouldn't mind betting those people on JJ never had any written agreement etc, we put a large amount into a house to help S.I.L. out but also took a lein on said house.
I've just lent a good friend £22k, its not the first time I've lent him money and given his lifestyle it won't be the last. He's never missed a payment, another mate asked me to lend him £5k and I just laughed.

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[Minxy]

OK So now I've looked up Judge Judy..

Firstly, Minxy, you really need to get out more

I agree ... bit difficult at the moment though! I just usually have her on the telly around teatime whilst chatting to you lot as some of the stuff that she deals with, and the excuses, are hilarious.

Secondly, you just need to be careful, I wouldn't mind betting those people on JJ never had any written agreement etc, we put a large amount into a house to help S.I.L. out but also took a lein on said house.

That's the only sensible way to do it otherwise you've no comeback if they don't pay and don't have any money to do so, at least you have it secured on something but it's still a risk as you'd have to get them to sell to pay you back with all the hassle and expense.

I've just lent a good friend £22k, its not the first time I've lent him money and given his lifestyle it won't be the last. He's never missed a payment, another mate asked me to lend him £5k and I just laughed.

Be careful you're not getting into the realms of being an 'official' lender if you do it too often, it only takes someone to tip off the authorities and you could end up in do-do. I wouldn't want to prevent you doing what you are happy to do but you need to take care that your good intentions don't get you into hot water.

 

[Rapido925M]

I lent my oldsest son £40k.
He died owing £35k.

PLEASE insure these people or be prepared to accept the undesirable consequences.

Gordon

 

[denisejoe]

I'd say never lend more than you are prepared to lose!

 

[suavecarve]

Cheers for all replies guys and girls. As I said it was just advise to anyone wanting to get funds and to advise of delays currently. The rate we have got is far better than any finance and as it’s spread out over so long it’s better for us. Most lenders for finance are 8-10 years max which makes the repayments a lot more. Fortunately for us we have paid of inheritance to the mortgage and not wasted anything, makes a better situation for us both. At the time of getting inheritance moho wasn’t even in the picture.
We will be putting are foreign holiday pot into mortgage whilst we use it and should be cleared within a couple of years

hope you’ve all had a great day and enjoy your weekend

Good stuff. Well laid out plan utilising what has come your way. You enjoy it and ignore the naysayers who will get well jealous with you and your new motorhome aged 40. I had to wait to 43 to do the same thing !
Crack on. Nice one.