I know you can get a 1% mortgage, but it's for like 2 years introductory.

I. Appreciate the long posts and will look through them properly later, but I'm at work where I earn a paltry living (nowhere near enough to get a mortgage myself, coupled with a terrible credit rating)

You've got a terrible credit rating and think it is ok for your parents to chance their arm with a 300k loan that you need to make some payments on or the interest will balloon before they die?  And good luck to them when they start losing their minds.

Sounds absolutely disastrous for them on the face of it. 

Move somewhere where 100k can get you a flat or think of a plan B. 

Err well for starters

A)  This was their idea
B)  If you read my first post I said that I didn't know if it was a good idea or not
C) I don't want to move out of London. I was born here and my family, friends and work are here. Why should I?
D) I have paid my rent on time, generally, for the last 15 years. Month after month.
E) they aren't "chancing their arm" as it should, in theory have no affect on them (their accountant and financial advisors will discuss any issues about if they have to go into care)

Also fwiw the figure they have been told is 4%.

I know you can get a 1% mortgage, but it's for like 2 years introductory.

I. Appreciate the long posts and will look through them properly later, but I'm at work where I earn a paltry living (nowhere near enough to get a mortgage myself, coupled with a terrible credit rating)

Well I didn't think I did (want to look at remortgage) but that interest level is compelling... Could you expand a bit more please?

Thanks for all your words.

Yes for sure it is a equity release they are looking at. I have been told today it will be 4% approx interest. It's a loan which is paid back with (what can be significant) interest start they both die. It would actually be going into a trust and not my name because I'm a degen at heart and they want to mitigate any risk (and I don't blame them)

Evilpie I wouldn't want them to remortgage their house. The sort of thing is called a lifetime mortgage. One thing that has come up is the issue about what it the house needs to be sold to fund their care.

They are 69 and 75. My mum still works and earns ok (not amazing) money and likely will continue until she is much older.

My dad lost a lot of his pension to the equitable life meltdown.  If it's relevant.

My siblings and I are close, and wouldn't want to leave anything in a situation to endanger that for sure.

I think it will likely happen to some degree. Obviously they have and are taking specialist advice but I thought perhaps people may had some input to any pitfalls (and any advice of "don't do it!! Do do it!!)

Thanks

pretty sure open jamming 15bb utg is +0.5bb EV from memory, isn't this too big an edge to pass up?

I don't want to jam Jj+ and then the rest of my range doesn't make nuch from jamming. Many hands I can just r/c or r/f and show higher ev

Are you r/c 77 utg? r/f seems ridiculous? Obv "it depends" on opponent, but in a vacuum?

4 weeks holiday in itself is worth around 7-8% so probably brings your immediate hourly up to almost $24 effectively

After having to move from my latest property after 18months with no notice, I was looking at places to rent.

£800 for a studio felt like loads going down the drain and I mentioned as much to the rents.

They have somehow got the bit between their teeth and have spoken to their accountant about this equity release. I personally wouldn't be able to get much of a mortgage.

Their idea is to get £300k (ish) against their house and invest in a property for me. I would make a monthly payment, hopefully directly against the interest, and any interest in theory that is accruing above my "rent" payments are subject to compound interest.

When they both die then the value of the debt is taken from their house being sold (likely worth £1m or so atm).

Is this a good idea? What are the pitfalls? Would it avoid inheritance tax?

They wouldn't feel any effects in theory as you don't have to pay any of the interest and they can't chase the debt until they both die. But I do have 2 siblings (who both own homes and families) so it should be fair on them (if the interest makes the debt large then it could possibly be more than 1/3rd the estate, I guess. I don't know what cash they have in the bank (and don't want to. Told them to spend it all!)

Would there be an advantage in borrowing less and getting a mortgage for say £100k which is I think possible?

I've asked to talk to their accountant who apparently thinks it is a good idea, as do my siblings, in theory... Something isn't sitting right with me, however.

Thanks everybody for the very nice replies.

The thread is actually for me and my gf isn't polish and we have 3 dogs. I just didn't want much bias in the post from those who may know me. Have sent off a lot of emails tonight and hopefully will come visit this month to look.

If there are any other areas an hour max to London like what vern spoke about also very welcome.

Thanks again very much and look forward if anybody else has any last suggestions.

First beer on me in London!

St albans, Berkamstead and a few other leafy chic places in Hertfordshire.  25-30 mins by train to London.  Worth a look imo

Yea I was thinking herts also

edit: nm saw he's sorted landan

That advert is shocking

I can only echo the above advice.

Don't work for free

Also agreed about being a bit late to the drone party. 360 and VR could probably be more of a growth market for you.

I'm still not convinced about VR but everyone else seems to be...

Amazing news. Love this place - my favourite place to play MTT's. A great poker weekend and its only going to get better as he expands.

I've been several times and am heading back for WSOP Circuit next week.

If anyone is interested in playing but unsure of the place or the logistics of getting there, I wrote an in depth report for a group I'm in. I can post it up somewhere or send.

sounds great, defo post it!

bot

Really enjoyed 'the night of'
Anyone seen

yea, was just going to post this here! Really good mini-series

I got purged from the labour party today. Funtimes