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Monday, 21 June 2010

The phone rang......



Sure enough it was from the eldest daughter. Just yesterday we had been trawling around for wedding venues. So I presumed it was about that.

Oh no.

(I won't bore you with the one asking how to bake a potato)

She and her prospective husband have put in an offer for a flat in St Albans. Fair enough you think. Good on them.


I expect the next call will be asking me to help out with the deposit.

What should I do, as a pensioner living near the poverty line. (Ok, not quite).

1. Tell her to F off?

2. Lend her everything she asks for?

3. Haggle?

4. Tell her to walk the streets?

5. Sell her cats?

6. Borrow from a lone shark?

5. None of the above?

Answers on an E card.


  1. 3 then 2, you know it makes sense ;-)

  2. I was thinking more on the lines of 4 then 1.

  3. It will of course be option 2. I don't wear the trousers in this family. Bloody wimmin.

  4. I'm afraid it has to be the 5 masquerading as 7. Even though options 1 and the other 5 appeal, it will, of course, be a varient of 2; but with 'lend' replaced by 'give'.

  5. I've got a fully loaded passport. Maybe a trip abroad with my bank accounts intact is in order. Mmmm. South of France, or Barbados.

  6. Apparently a financial consortium in Nigeria wants me to take posession of five million quid. Maybe I can help you out? I just need £2000 for the admin fee.

  7. Serious comment!

    Do what Mrs R's father did when she was strapped for cash, he too was a pensioner. Haggle, discuss reasons for need. Grudgingly reach agreement, but with generous terms for repayment because unless you're rich it could cause sibling rivalry if/when the others expect the same help. Even big kids talk to each other!

  8. Do what I did -

    Lend her 25% of the purchase price in exchange for 25% of the equity, interest free BUT when she sells the house you get 25% of the sale price.

    You pay the expenses on the purchase, she pays the expenses of the sale.

    Everybody wins. The mortgage doesn't increase but the house value does - so you make money, she makes money, the bank gets it's mortgage paid. Everybody is happy.

    Put in in writing and get you and your wife and her and her partner to sign in each others presence. Nice and legal and safe!

    You can vary the percentage, but in general if you can put down 25% the interest rate is lower. No charge for the advice!!

  9. usually ends up as 2, but if you can wangle some interest on repayments (or even repayments is usually good), or equity, it's a bonus.
    Explore the 'rent to buy'\option as well?
    Oh, and if you are putting up the wherewithall, it goes in her name, no joint stuff?

  10. I was thinking more about taking a 99% stake in the equity, in exchange for 0.5% help with the deposit.

    Sound fair to you?

  11. I'd go for option 1. What did you do in the end (if you don't mind sharing, that is)?


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