Help! Desperate to buy a property. Can my dad help based having paid of his £800,000 mortgage?

[queenjosephine]

Hi MN,
Wondering if anyone can help.
I'm still renting at 40-I'm a single mum & could never afford to buy.
My dad has paid off his £800,000 mortgage and they have savings. He and my stepmum have said they can't help me with a deposit / buying a house/renting it to me.
I feel like they might not have looked into it and wondered if anyone had any pointers?
I'm desperate for some security for my daughter and I. All advice gratefully accepted!

Well if he doesn’t want to help then that’s your answer?

You are in your 40s. It's your responsibility to house yourself. It's great if parents are able or willing to help but it is by no means an entitlement.

Since they've said they can't help I don't understand what or why you're asking. The answer is they could if they wanted to, but clearly they don't want to.

Can't help or doesn't want to?

No point in looking at options if they don't want to (and whilst I understand your position, they're not obliged to help you).

He probably can but he’s already made it clear that he’s not willing to and he’s under no obligation to do so

Presumably they made this decision when they chose to pay the mortgage off with their savings rather than give it to you. Unless your situation has changed? Are you sure they want to help you? Because it doesn't sound that way...

It's all been said. He doesn't want to, does he?

Have you looked at help to buy instead? Or spoken to your dad about him being a guarantor as opposed to actually fronting any money! Guarantor mortgages aren't as common as they once were but there are still some around

Could you negotiate him loaning you part of the deposit?

Oh sorry I misread, I thought they had used savings to pay off the mortgage but it turns out that they have both paid the mortgage AND have savings - they plain don't want to give it to you! Why are you still asking?

Hello
I must have worded this really badly - written in a hurry.
He's stated that he wants to help but hasn't been able to find a way that he can based on just having paid off his mortgage.
I wondered if anyone has any experience assisting others / being assisted through re-mortgaging/if there is a way?
If I gave him some info he'd be up for taking a look.
And I'm 100% not saying it's an entitlement btw! I work very hard with minimal support and just want a better future for my daughter and myself.

If you are in UK there are some places where property is much cheaper like Stoke, Midlands. There are property auctions where you can buy a doer upper, but you would need to check the average house price in the area. However, most people save for deposit, but I guess some people inherit money. Can you increase your wage ?

I'm not sure I understand the question. If they can't offer you cash and don't want to remortgage to release equity, I don't see how they can help you?

If they were wanted to help, they'd be looking for ways to make it happen. As they haven't done so, I would assume that they do not wish to help - despite what they may say out loud...

Unless they have savings to hand over or do equity release they can't help you. Can you buy a small 2 bed flat or something somewhere cheap to get you on the ladder?

Presumeably your Dad must be at least in his 60's. Is he retired? He could downsize to a smaller, cheaper house to release equity and gift that to you if he was so minded. Him offering is one thing but you asking is another imo.

Would it be possible for you to move back in with your parents to enable you to save up for a deposit more quickly? Surely, you're not expecting him to just buy a house for you now that you know that he has paid off his mortgage?

Look into Post Office link.

www.postoffice.co.uk/mortgages/family-link

Thank you Alarae that's really helpful. X
Not sure most people on here understood what I was asking. I'm prob not very good at expressing myself.

Hi yes he can help by getting a new mortgage on his property and giving it to you so that you pay for it but it's secured on his property. He can go guarantor for you if you qualify for a mortgage.

He can help you with a cash amount. And more ideas that I have not thought of.

If he says he wants to help then present him with some of these ideas but be prepared that he is not willing to put his money where his mouth is.

Goodluck op.

The Post Office mortgage above may work but if the have savings surely it would be simpler in their best interest to private loan/give you the savings as a deposit and then have a notice of interest added to your deeds. If I were the parent I would prefer that option to having a second mortgage on my own home.