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Need advice. Disability and mortgage

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  • 21-02-2023 3:17pm
    #1
    Argo foc yourself
    Registered Users Posts: 273 ✭✭


    I am looking for some help/information. My eldest daughter has autism and a mild learning disability. She is currently 16. We want to be able to provide for her future. 

    Ideally we would like to build a small house for her on our own property. We could easily get permission to build a granny flat but that would mean if the house was ever sold down the line after we died her home would go too. 

    If the new build is standalone then it would be hers regardless of any future developments etc.

    She gets disability allowance and is unlikely to get a high paying job in the future that would secure a mortgage. 

    As her parents we can give her 3k per year tax free to build up a deposit for a house. 

    Are there any grants she can get for building as someone with a disability. It would seem as though the odds are very much stacked against her.

    I know she can go on a housing list and eventually get offered a place to live. This would be very disturbing for her as she could get placed in an unknown location. If she builds beside us she knows the area. The neighbours know her and look out for her. 

    Also if she builds up too much money will she lose disability allowance

    Can she apply in her name and we pay for it (we remortgage our own home)

    Grants in her name ??



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    #2
    Deeec
    Registered Users Posts: 4,958 ✭✭✭Deeec


    https://www.boards.ie/discussion/2058285300/need-advice-disability-and-mortgage

    Its probably not a great idea to build in your garden unless it can be fenced off and have its own entrance - at least then either property can be sold down the line. If not you may be faced with having to sell the whole lot down the line.

    Shes still very young at 16 - for the moment just keep putting money away for her future. Do you have any other children? Will your daughter be able to live independently?

    To get a mortgage in her own name she would need to show enough income to pay the mortgage.

    Could you take out the mortgage yourselves and then at some stage in the future transfer ownership to your daughter?



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    #3
    Argo foc yourself
    Registered Users Posts: 273 ✭✭Argo foc yourself


    https://www.boards.ie/discussion/comment/120270450#Comment_120270450

    thanks for the reply. We are just planning for the future. the plan would be to have it a separate entity. Own entrance etc. we have another child yes.

    She would be able to live independently with support from family and friends.

    We may have to re mortgage and build it but then if there were any grants we would not get them whereas she would.

    If we save too much for her in our accounts and gift her the money she would have to pay gift tax.

    If we save money in her account then she risks losing her disability yet. she would need money in the bank to get a mortgage etc... bit of a catch 22 from what I can see



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    #4
    DubCount
    Registered Users Posts: 1,088 ✭✭✭DubCount


    You have to keep the house/granny flat or whatever away from your daughters ownership. Her disability allowance, medical card etc. are all means tested and owning an asset like a house (or even a deposit for a house) could impact on her receiving her only source of income.

    I would keep the house in your name, or set up a discretionary trust (special needs trust) to distance ownership of the house from her. If its in your name, you can set up a trust to receive the asset under your will.

    You probably need to speak to a solicitor about splitting the land from your existing property.

    Its a lovely idea. I hope it goes well for you.



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    #5
    fits
    Registered Users Posts: 13,456 ✭✭✭✭fits


    I would recommend a consultation with financial well-being to go over the issues and how to manage them. You will need a good solicitor at some stage too.



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