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Original poster

Inheritance

10 replies

ap1999 · 26/04/2024 18:48

Hi. Looking for some advice .

I have inherited £110k from parents estate . Which is so kind of them . I am really grateful... but have no idea what to do with it .

I don't own a house. I had to move to renting in my divorce. The rent is £1k a month, which is amazing for what I have. I still have 2 kids at Uni so they come and go. My LL haven't put my rent up in 5 years. I live southeast.

I have about £15k in savings before the inheritance.

I have taken semi retirement and paid off all credit cards and car loans (we are v rural) so had mine and the kids.

I receive £800 pension net and £2010 wages.

I can't buy a house for £100k
My lovely landlords are very elderly and if they pass - the market rent would be £1800.. they will sell to me for £330k (also a huge bargain) I love my home and don't want to move if possible.
but I really don't want to pay rent until I die..

What is the best use of my inheritance oh MN money gurus x

OP posts:
Original poster
ap1999 · 26/04/2024 18:51

PS I'm 62 and too old for a mortgage

OP posts:
neverknowinglyunreasonable · 26/04/2024 18:53

You could send me £100? Or buy a pony? Spend it all on fancy hats?

Could you buy the house you are currently living in for 330k?

GreatGateauxsby · 26/04/2024 18:54

Not sure what ypur best option is but buying IS an option and 62 is NOT too old for a mortgage.
I know a 70 yr old with one.

curious79 · 26/04/2024 18:59

You’re still working - you can get a mortgage surely. Take advice before discounting that possibility

NoBinturongsHereMate · 26/04/2024 19:15

Do you expect more pension when you fully retire, apart from the state one? If so, you might be able to get a mortgage that takes you past retirement age - but probably not for £200k. If not, the putting some of the inheritance into a pension might be a good option.

Can you downsize or move to a cheaper area, either now or when your kids finish uni, so you could buy outright or with a much smaller mortgage? (I know you said you don't want to move, but if you also don't want to pay rent something has to give.)

How much longer do you expect to work? Could you/would you go back to full time?

cestlavielife · 26/04/2024 19:17

Buy the house you in
You can get mortgage to 75
You can get lodger when dc no longer coming home for long periods

Doyouhonestlyexpectmetobelieve · 26/04/2024 21:30

Thank you all. Yes I will get more pension at retirement as well as state . So income is good .. thank you so much for info re later life mortgages.

Yes I would prefer to stay in my home but if it's a different between owning or renting for ever then I would of course move when the kids are sorted .

Many thanks everyone especially cestlavielife for the link. The only links I seem to find are for equity release .

GreatGateauxsby · 26/04/2024 23:04

If you have a private pension too i would def look at buying.

the suggestion made of a lodger is a good one too i think (its important to screen and find one that is the right fit and has a lifestyle and routine that is compatible with your own.)

MrsPositivity1 · 04/05/2024 19:47

Have you a contract saying your landlord will sell to you for £330k on their demise? If not, anything could happen.

I don't know if this is possible but could you buy ½ a share of the house now so have your name on the deeds and a contract to say you purchase the other ½ at £165 when they die?

Just a thought

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