B
bistogirl
Guest
Our son and daughter, aged 7 and 9, are about to inherit 40K each from their grandmother. We are exploring how best to invest this money on their behalf and would like to establish whether it would be possible to buy a property in their name using this fund of 80K, perhaps adding to it with money we have saved for them from the Childrens' Allowance. Obviously, this amount would fund only part of the purchase and the balance would need to be funded by means of a mortgage, to be paid off with the income the property would generate.
Is it possible to take out a mortage on their behalf with us, as parents, as guarantor? Can we deal with any tax issues which might arise now, or later, in their names, so that it is clear at all times that the property is theirs (not ours)? Wold it affect their future status as potential first time buyers? Etc! Etc! Any advice or insights would be welcomed.
We are considering other investment options too but feel that we know property well, having some professional expertise in the area.
Is it possible to take out a mortage on their behalf with us, as parents, as guarantor? Can we deal with any tax issues which might arise now, or later, in their names, so that it is clear at all times that the property is theirs (not ours)? Wold it affect their future status as potential first time buyers? Etc! Etc! Any advice or insights would be welcomed.
We are considering other investment options too but feel that we know property well, having some professional expertise in the area.