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  #61  
Old 13.11.2015, 22:02
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Re: Would you take a mortgage- to help you children?

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well, they can just go and live with you - ahhh lovely- and you can get the equity

me, I'm never going in a care home, punkt schluss. If I need care, it will be in my own home, and not by my children- who have their own lives to live.
And it is that attitude which has destroyed my grandmothers quality of life over the last 5 years.

Very few people choose to go into a care home and too often their quality of life before and after entering is diminished because they fail to identify the right time. I was lucky to know someone who went in before she really had to and the difference from her living alone to being in the home was massive - she was alive, with a packed social life, a balanced level of support and was able to receive the services she needed when she needed them.
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  #62  
Old 13.11.2015, 22:05
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Re: Would you take a mortgage- to help you children?

Wow the UK is expensive 60k a year, at home. Would be a fraction of the cost here, 35 CHF per hour via official set up for home helps or private.
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  #63  
Old 13.11.2015, 22:07
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Re: Would you take a mortgage- to help you children?

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Wow the UK is expensive 60k a year, at home. Would be a fraction of the cost here.
I doubt it, 24 hours 7 days a week, you won't get that for 90k CHF, even where you live, my mother lives in London. She is not very mobile soon will require 2 carers 24 / 7.
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  #64  
Old 13.11.2015, 22:10
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Re: Would you take a mortgage- to help you children?

I am so glad that is what your mum wants- I wouldn't - that's ok.
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  #65  
Old 13.11.2015, 22:12
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Re: Would you take a mortgage- to help you children?

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I am so glad that is what your mum wants- I wouldn't - that's ok.
A year ago she wanted to go to Dignitias, however she has forgotten & is happier now than at any time in the last 50 years.

£60,000 a year is actually amazing value, it works out at £6.85 an hour. Probably time to set up a nursing home
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  #66  
Old 13.11.2015, 22:38
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Re: Would you take a mortgage- to help you children?

FMF is right, if they can't afford it, they can't afford it.

And yes, I have kids (albeit, adult for the moment).

Tom
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  #67  
Old 13.11.2015, 22:49
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Re: Would you take a mortgage- to help you children?

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And yes, I have kids (albeit, adult for the moment).

Tom
Are you expecting them to go back to being toddlers at some point?

I agree with others though, I think it's important for kids to learn how to stand on their own two feet without mummy and daddy subsidising them. We certainly wouldn't be taking out a mortgage for the kids unless it was for something really really important, like life saving treatment overseas for example. Buying their own place does not fall into that category.
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  #68  
Old 13.11.2015, 22:53
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Re: Would you take a mortgage- to help you children?

Rule #1:

Never lend ANYONE money that you can't afford to lose.

Tom
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  #69  
Old 13.11.2015, 22:57
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Re: Would you take a mortgage- to help you children?

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We certainly wouldn't be taking out a mortgage for the kids unless it was for something really really important, like life saving treatment overseas for example. Buying their own place does not fall into that category.
Exactly, my parents didn't do it and my grandparents didn't do it either, yet we all own our own homes and mine is the only mortgage yet to be paid off as I am the youngest. My grandfather, a widower, is well into his 90s and is very well off, yet he is still 'saving his money for the future'...
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  #70  
Old 13.11.2015, 23:16
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Re: Would you take a mortgage- to help you children?

Here, it is quite common for parents (who have some available money) to help their children with an advance on their inheritance (Ger: Erbvorbezug). It's done as a sort of contract, which is taken into account when the estate is finally divided up, so that it all seen to be fair, and minimizes the scope for disputes among the remaining beneficiaries of the estate.
However, people who give too much of their wealth away, too early, can be penalized if they later require state assistance (Ger: Ergänzungsleistung) and children can, under some circumstances, be made to contribute to living expenses of a needy parent.
So it is not wise to give too much away. But bear in mind also that you can't take it with you beyond the grave and that they also have an expression here that is better to give with a warm hand than with a cold hand.
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  #71  
Old 13.11.2015, 23:25
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Re: Would you take a mortgage- to help you children?

Interesting subject as I was speaking to a friend today who have a son ( only child which probably makes a difference) who got himself into a bit of financial trouble whilst at Uni.
Fast forward a few years and had a partner and could not obtain a mortgage due to his previous status.
The parents took out a mortgage ( interest free) and bought a flat £120,000 in the SE of England probably about 5 years ago
They have had a baby recently and now the flat has increased in value and as the son only paid the interest part of the mortgage he was able to save.
The flat will now be sold - parents get money back and he has £150,000 to put down as a deposit on a house.
In this instance - parents buying the flat helped their son get himself on the property ladder.
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  #72  
Old 13.11.2015, 23:25
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Re: Would you take a mortgage- to help you children?

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Here, it is quite common for parents (who have some available money) to help their children with an advance on their inheritance (Ger: Erbvorbezug). It's done as a sort of contract, which is taken into account when the estate is finally divided up, so that it all seen to be fair, and minimizes the scope for disputes among the remaining beneficiaries of the estate.
However, people who give too much of their wealth away, too early, can be penalized if they later require state assistance (Ger: Ergänzungsleistung) and children can, under some circumstances, be made to contribute to living expenses of a needy parent.
So it is not wise to give too much away. But bear in mind also that you can't take it with you beyond the grave and that they also have an expression here that is better to give with a warm hand than with a cold hand.
Very true, I know families that have done this, and all is calculated exactly such that no one loses out on their part.

My wife has a very complex inheritance, and I'm the one providing all of the binding numbers, for all heirs.

Thank god for Excel!

Tom
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  #73  
Old 13.11.2015, 23:29
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Re: Would you take a mortgage- to help you children?

The parent has to survive/not need help for 7 years after giving money away. My grand-parents and parents all saved their money for care in latter years- and it melted in the sun as soon as they had to go into an OAP home. Does it not make sense to help them when they need it, with kids, etc (mine don't and won't)- then when they've made it and don't need it anymore? As a general idea - as long of course that it doesn't lead to any hardship at all for yourself - if you don't have a mortgage and therefore pay higher tax, which would be reduced if you had a mortgage for 20 or 30% of the house value??? Perhaps?

Wouldn't make so much sense in the UK where you don't get tax relief on a mortgage. Thanks Smackerjack- exactly- and here in CH where you get tx relief on a mortgage, it makes even more sense.
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  #74  
Old 13.11.2015, 23:32
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Re: Would you take a mortgage- to help you children?

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Interesting subject as I was speaking to a friend today who have a son ( only child which probably makes a difference) who got himself into a bit of financial trouble whilst at Uni.
Fast forward a few years and had a partner and could not obtain a mortgage due to his previous status.
The parents took out a mortgage ( interest free) and bought a flat £120,000 in the SE of England probably about 5 years ago
They have had a baby recently and now the flat has increased in value and as the son only paid the interest part of the mortgage he was able to save.
The flat will now be sold - parents get money back and he has £150,000 to put down as a deposit on a house.
In this instance - parents buying the flat helped their son get himself on the property ladder.
I don't quite believe those no's, 125% increase in 5 years did not happen, the flat may have increased 25% to £150k.........
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The parent has to survive/not need help for 7 years after giving money away. My grand-parents and parents all saved their money for care in latter years- and it melted in the sun as soon as they had to go into an OAP home. Does it not make sense to help them when they need it, with kids, etc (mine don't and won't)- then when they've made it and don't need it anymore? As a general idea - as long of course that it doesn't lead to any hardship at all for yourself - if you don't have a mortgage and therefore pay higher tax, which would be reduced if you had a mortgage for 20 or 30% of the house value??? Perhaps?

Wouldn't make so much sense in the UK where you don't get tax relief on a mortgage. Thanks Smackerjack- exactly- and here in CH where you get tx relief on a mortgage, it makes even more sense.
It does not make financial sense at all, you have a false sense of security as property you bought 30 years ago has increased more than 10 fold, that won't repeat. The Baby Boomers got lucky, thats all.
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  #75  
Old 13.11.2015, 23:41
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Re: Would you take a mortgage- to help you children?

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I don't quite believe those no's, 125% increase in 5 years did not happen, the flat may have increased 25% to £150k.........
Those nos are correct - the flat was in a very poor state and everything had to be replaced. Right in the centre of town with room sizes that are very good proportions and it is in 'Royal Tunbridge Wells" which by all accounts is THE place to be
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  #76  
Old 13.11.2015, 23:44
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Re: Would you take a mortgage- to help you children?

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And it is that attitude which has destroyed my grandmothers quality of life over the last 5 years.

Very few people choose to go into a care home and too often their quality of life before and after entering is diminished because they fail to identify the right time. I was lucky to know someone who went in before she really had to and the difference from her living alone to being in the home was massive - she was alive, with a packed social life, a balanced level of support and was able to receive the services she needed when she needed them.
each to their own though. Thank goodness we are all different. I want to be in my own home, in my own garden- and planning to share my life with a family with kids and dogs, and cats, - living only with old people would be a nightmare for me.
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  #77  
Old 13.11.2015, 23:56
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Re: Would you take a mortgage- to help you children?

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Those nos are correct - the flat was in a very poor state and everything had to be replaced. Right in the centre of town with room sizes that are very good proportions and it is in 'Royal Tunbridge Wells" which by all accounts is THE place to be
So Purchase price 120,000

Major refurbishment XXX

Sale price 290,000 plus XXX

What I am always amazed is that private investors always claim profits that professional run funds dream of. Is it that private investors don't value their time or they forget about the costs, agents fees, stamp duty & legal costs. My fiancé is a prime example, the numbers don't add up.....
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  #78  
Old 14.11.2015, 00:00
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Re: Would you take a mortgage- to help you children?

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So Purchase price 120,000

Major refurbishment XXX

Sale price 290,000 plus XXX

What I am always amazed is that private investors always claim profits that professional run funds dream of. Is it that private investors don't value their time or they forget about the costs, agents fees, stamp duty & legal costs. My fiancé is a prime example, the numbers don't add up.....
Think they were just lucky to be honest and got a bargain before the prices went crazy
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  #79  
Old 14.11.2015, 00:02
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Re: Would you take a mortgage- to help you children?

I know, you are right FMF, the only one to be right, always- we are all stupid- I should really apologise ...

you have no idea, have you- it's hilarious, truly. Fiancé? Oh I didn't know.
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Old 14.11.2015, 00:15
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Re: Would you take a mortgage- to help you children?

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Think they were just lucky to be honest and got a bargain before the prices went crazy
I have looked at over 250 sale transactions in the area & don't see anything that comes near to the no's you quote, even if refurbishment was free. Over 10 years those no's were possible since 2000.
Could you give me the year of purchase so I can look further.
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I know, you are right FMF, the only one to be right, always- we are all stupid- I should really apologise ...

you have no idea, have you- it's hilarious, truly. Fiancé? Oh I didn't know.
One of your less intelligible posts

Last edited by fatmanfilms; 14.11.2015 at 00:29. Reason: Added Odles post before she edits it :D
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