LastHurrahx
Registered User
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- 2
My son and his wife have returned after a number of years abroad.
They are good steady savers and have about enough for a deposit on a house. Both have just secured (good) jobs - but haven't even started yet. So they will have to wait until they are made permanent before applying for a mortgage. Which means at a minimum of another six months.
Most likely, it will be the end of year before they would be in a position to bid on a house. Classically, they are afraid that houses that are now in their potential range, will be out of their range by the time they can purchase.
My wife and I are willing to help - but not sure how best to do that.
We are not overly flush - but we could help.
One thought is that if we loaned them an amount equivalent to the mortgage they could move straight away to get the house that is now in their range. We are thinking in terms of giving them this loan for two years - and that they would continue to save, as heretofore, and build up a cushion for themselves and then apply for a mortgage in the normal way in two years.
I should say that both are extremely organised and disciplined and rock steady.
We also have a daughter - who is single - and we would, after the two years hope to help her in a similar fashion. We don't have this money to throw away but can do without it for the next number of years.
Should we make the loan to our son only??
Should he buy the house in his sole name - until such time as they apply for the mortgage??
Should we actually buy the house jointly with them on a pro rata basis?
Would love to hear of any other suggestions about how to help them - and how to safeguard ourselves.
Many thanks.
They are good steady savers and have about enough for a deposit on a house. Both have just secured (good) jobs - but haven't even started yet. So they will have to wait until they are made permanent before applying for a mortgage. Which means at a minimum of another six months.
Most likely, it will be the end of year before they would be in a position to bid on a house. Classically, they are afraid that houses that are now in their potential range, will be out of their range by the time they can purchase.
My wife and I are willing to help - but not sure how best to do that.
We are not overly flush - but we could help.
One thought is that if we loaned them an amount equivalent to the mortgage they could move straight away to get the house that is now in their range. We are thinking in terms of giving them this loan for two years - and that they would continue to save, as heretofore, and build up a cushion for themselves and then apply for a mortgage in the normal way in two years.
I should say that both are extremely organised and disciplined and rock steady.
We also have a daughter - who is single - and we would, after the two years hope to help her in a similar fashion. We don't have this money to throw away but can do without it for the next number of years.
Should we make the loan to our son only??
Should he buy the house in his sole name - until such time as they apply for the mortgage??
Should we actually buy the house jointly with them on a pro rata basis?
Would love to hear of any other suggestions about how to help them - and how to safeguard ourselves.
Many thanks.