To move in with MIL or not

[turquoisecoast]

can you borrow the deposit amount she initially loaned you just to get the caveat removed and get off your backs?

what's your credit ratings like?

she definitely sounds controlling, I'd be very hesitant to move in with her.

another thought: is there anyway you could refinance? obtain a proper valuation and find out how much the house is worth. then borrow the amount she loaned you against the house?

she didn't buy the entire property for you did she?

[EmieLou]

Wow, she doesn't sound like the type of person you should be living with. Sounds like she will control your lives. I am not sure how living with her would save you any money if you're living mortgage free? If you were renting I could understand but I am struggling to see how you'd save much money apart from utilities.
I am shocked that she's kept the caveat thing on. You'd get it removed if you took her to court for sure but I can imagine your husband probably wouldn't let you.
What a tough situation.
Can you sell it, move in with her for 1 week and then suddenly find the house of your dreams which you can buy caveat free? 😂😂

[GirlsRock]

no definitely not was my first thought, and then further reading my second thought was that you would be mad for even considering it. She already has a huge hold over you and moving in with her would give her even more control.

[wobblermummy]

I would say no we have been living with my mil for 5 months while house has been finished and al its done has made me get more annoyed at her for taking over things especially with our dd as she always wanted a daughter didn't have one and now thinks she has a second chance. If hubby is like mine he won't care that yours and kids lives are being inconvenienced and ruined

[Juzz]

If your MIL lent the deposit, surely the caveat only applies to the amount she lent you...??
Seriously, if she is like this over something like you being able to borrow against the house YOU own, to buy a better house for your family, what do you imagine she would be like on a day to day basis...
You are probably better off selling the house the remove the caveat, renting for six months whilst you look, and then buy another house...

[RmumR]

So in theory she could remove the caveat you could use the house as equity and get a new house you want.

But you can't because if her caveat so she wants you to move in with her - sounds very controlling

[waterlily]

No way! DON'T DO IT!!
She won't remove the clause to help you out but is happy for you to live with her? Controlling!! No no no.

[careermum]

I'm surprised your current house is mortgage free yet the banks won't give you the loan. are you not able to use that as security for a loan?

what about remortgaging your current property to draw on the equity? use that towards your new house. the benefit of this is the interest becomes deductible against any rental income, thereby saving you in tax.

you guys sound like you're in a decent enough position to obtain a loan. i'd be exploring my options a little more thoroughly first before moving in with mil.

what's the caveat she has over your house? maybe this is what's prompting the banks to knock back your loan?

Hi Guys

Just a quick one. In this scenario any interest against a loan used for a new home would definitely not be tax deductible. This is a common misconception, the deductibility of interest is based on what the loan is used for (the purpose). So even if the debt is secured against an investment property, it was used for a personal reason (a home) so the ATO will not offset that against rental income.

Couldn't not clarify that because I see it all the time!!!!

Ps I don't think I would be moving in with MIL if I were you either!!!

[bigmummahen]

The only person who's going to benefit from you moving in with her, is her. She's 75 years old (assumingly divorced or widowed), she would be incredibly lonely. She is probably embarrassed to admit the real reason why she wants you to move in, and that's for the company.

Given the financial power she already has over you, I would be hesitant to move in. Who's to say she isn't going to turn around and have special conditions when you buy the next house because she allowed you to stay with her for x period of time?

Don't..... Go...... There!

[Purple Poppy]

I agree she sounds controlling. I wouldnt move in does your dh realise you wont really be saving if you are already living mortgage free?