Over 40 going back home

Ursus Horribilis

Or mammy could disinherit her and leave the house to the local dog's home.

BBFAN

OP if there are apartments for sale in the area you're looking for 200k is it not possible to just rent something cheaper than 1500?

Living somewhere less desirable for a couple of years may be easier than living with your mother.

DubCount

Ursus Horribilis wrote: »

Or mammy could disinherit her and leave the house to the local dog's home.

Yep, but if OP is going to spend 3 years or so moving back home to avoid renting in retirement, it might be worth a conversation. If mum is OK with OP moving in, she may think more of her than the dogs home.

Ursus Horribilis

Maybe. Let's hope the mother doesn't require nursing home care and Fair Deal.

dellas1979

Backtrack_Home wrote: »

Would it be a good idea to chat with the likes of PTSB also?
Might be a good idea to set up a savings account with them & they’ll see the money going in each month.

Its up to you what bank you speak to about a mortgage.

I spoke to nearly all of them. Asking them questions.

Spoke to them about 8 months prior to me applying to get all my ducks in a row, so I knew when I did apply that I had all pristine/looking good.

You dont need to go with the bank you do your regular account with. I went with a different bank because my bank werent offering me what I wanted.

So I went off to another bank to get the mortgage.

You will need a deposit (as you know) and the bank/s will do a stress test (basically, they take what the mortgage will be, say e850 per month, and ask you to show them that you can put away e1,250 per month for at least 6 months - its to show you can pay higher if interest rates go up).

If you intend to stay renting, you must ask them if your rent can be taken into consideration as part of the stress test.

pwurple

Ursus Horribilis wrote: »

Maybe. Let's hope the mother doesn't require nursing home care and Fair Deal.

Fair deal as we all know is ridiculously UNfair. If OP is living with her mum, she won’t qualify for home nursing.

She should also consider the risk of ending up with “Fair” deal herself long term, as that asset stripping organization is fairly well set up to take your property.


Anyway, OP, I didn’t suggest you put your dog down. Jeez, I said your pension being worth zilch is along the same lines as assuming that would happen. :rolleyes:

As your heart is set on the apartment, to answer your questions, no, it doesn’t really matter who the savings are with. On application you just show them the statement. Get a good interest rate too. For your amount, 1000-1500 per month, try AIB regular saver. You can put 1000 per month in to a high-ish interest paying account. You can set up multiples of these accounts if you are putting in more than 1000.

There is also something in KBC that might suit you... or you can do it manually. It is called a Sweeper. Basically the day before you get paid, it sweeps everything leftover in the current account into a savings account. I found that handy. Some months it was only small change but every bit helps.

If you want to go really hard core savings to get there faster , you can cut all expenses. Drop the car to something cheaper, cut all holidays, reduce social life to freebies like walks in the park. Not for everyone that plan!

For mortgages, once your savings are on track for six months, then you can start approaching lenders or brokers.

seamus

DubCount wrote: »

Yep, but if OP is going to spend 3 years or so moving back home to avoid renting in retirement, it might be worth a conversation. If mum is OK with OP moving in, she may think more of her than the dogs home.

The point is that planning your own financial decision based on what you might inherit at some indeterminate point in the future, is not good financial planning.

The value of the OP's mother's house might have collapsed between now and then. The market could be awful. The structure of the house might be so screwed that it needs a teardown and rebuild.

Rather than having something to fall back on, the OP gets €50k in her pocket and has to keep renting until she dies.

Your financial planning should always aim for complete self-sufficiency. Then any inheritance that comes your way is a bonus, not an entitlement.

pwurple

seamus wrote: »

Your financial planning should always aim for complete self-sufficiency. Then any inheritance that comes your way is a bonus, not an entitlement.

Yes, that would be the ideal in a perfect world, but it's not quite a perfect world situation here. OP is already going to be asking her mum for a financial leg up anyway, in the form of the rent free living for a couple of years. Would it make sense to see what the lay of the land is?

I think it's only prudent, if you're planning to live on top of the woman, to ask if she wants to discuss her long term financial plans before doing that. Because it could just as easily go along the lines of... sure this is your house anyway in a few years, why buy another. It's not a demand, you don't even broach it if she doesn't want to talk about it, but people make all sorts of assumptions and don't communicate them with eachother.

It's good to talk.

Neyite

Have you discussed it with your mother about potentially moving in? Not all people living alone hate it and want company.

My mother loves to see any of her offspring visit for a few days but she's visibly delighted to get her house back to normal when we go - and we are a very close family. If there was a strained relationship there's no way she would want one of us moving in.

Another relative has had her adult son move back in with her after his marriage broke down. She's not one bit happy about it but he has literally no other option for now so she's gritting her teeth. For the moment. She adores him but does not want him living at home.

So maybe before you do a lot of planning, sound her out about the possibility first to see if she is ok with it. She might be but have as many reservations as you do.

LegacyUser

Regarding any inheritance, my mum is terrified of even thinking about death so she doesn’t even have a will & has never discussed it. I couldn’t care less who gets the house but I’d like her to sort it so when the inevitable happens it’s not a total nightmare (I don’t even know what happens in those situations).

I’ve been really thinking about the whole idea of me moving back home over the last few days & I honestly don’t know if I can hack it. I’m fairly certain my mum would like it as she hates living alone & she texts me sometimes telling me she’s lonely. I’m so used to my own space & doing my own thing, it would be a huge adjustment. I haven’t discussed anything with her yet.

I discovered the Help To Buy Scheme so I’m gonna investigate that also. Seems pretty good.

Ursus Horribilis

Ursus Horribilis wrote: »

Maybe. Let's hope the mother doesn't require nursing home care and Fair Deal.

For this reason alone the op and their mother should be looking at options for transferring the house over to them. Once it’s done 5 years then the fair deal can’t touch it. Everyone should be looking into this and planning their transfers early to stop the gov getting their hands on money/property through the idiotic “fair deal”.

It also makes much more sense for people to get gifted their inheritance when they are younger and need it more rather than later in life.

pwurple

I know, the will thing freaks people some out, but I have a will and a list of any accounts, and I keep it up to date, I am in my 40's.

I have been executor of wills twice, and even with a simple one (divide all assets between my children equally) it is tricky finding accounts and cashing them in without a list. Feels awful going through someone's stuff. We had to give up on some (post office is particularly hard going).

A house is so difficult. Genuinely difficult to do for emotional reasons as well as the technicalities.



Help to buy might be good alright.

And I know you like your Independence, but short term renting out a room in your current place (if you have a spare bedroom) might help save too.