CavanIrish
Registered User
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- 7
Hi
My parents got into some serious debt when I was in my mid-20s (my other siblings were tied up financially). The best option at the time (or so I thought) was get a mortgage and buy their home, granting them a right of residence. The verbal agreement was that they would pay the mortgage for me while I carried on renting. They have never once paid the mortgage which left me paying it and we have been estranged now for over 15 years with no contact at all. I have been renting a house with my husband along with paying the mortgage on my home. This was fine up until last year when the house I have been renting with my husband for 13 years was taken over by a receiver. This came out of the blue for us as we have consistently paid our rent on time for the duration of our occupancy. The receiver is now trying to increase our rent by almost €400 a month which we cannot afford to pay. We have proposed an increase of €200 but they are very slow to agree to this. There is literally nothing to rent in our area. I contacted my local TD to get assistance but that door was closed in my face because I have an 'asset' in the house I own. I contacted a financial advisor about releasing equity in the house I own to enable us to have a deposit for a house and enable us to get a mortgage to buy a home of our own but they said that the bank won't agreed to this because my parents are pensioners. I don't know where to turn next so would appreciate any advice.
Thanks in advance.
My parents got into some serious debt when I was in my mid-20s (my other siblings were tied up financially). The best option at the time (or so I thought) was get a mortgage and buy their home, granting them a right of residence. The verbal agreement was that they would pay the mortgage for me while I carried on renting. They have never once paid the mortgage which left me paying it and we have been estranged now for over 15 years with no contact at all. I have been renting a house with my husband along with paying the mortgage on my home. This was fine up until last year when the house I have been renting with my husband for 13 years was taken over by a receiver. This came out of the blue for us as we have consistently paid our rent on time for the duration of our occupancy. The receiver is now trying to increase our rent by almost €400 a month which we cannot afford to pay. We have proposed an increase of €200 but they are very slow to agree to this. There is literally nothing to rent in our area. I contacted my local TD to get assistance but that door was closed in my face because I have an 'asset' in the house I own. I contacted a financial advisor about releasing equity in the house I own to enable us to have a deposit for a house and enable us to get a mortgage to buy a home of our own but they said that the bank won't agreed to this because my parents are pensioners. I don't know where to turn next so would appreciate any advice.
Thanks in advance.