My son is keen to buy house. Has good permanent job. Applied for mortgage with BOI. They said they will give him mortgage after he prooves saving ability for at least 6 months, which he will have no problem doing.
I am considering giving him the full price to buy the house. He is to pay me back when he gets the mortgage.
Any views on what issues I should consider before doing this. I have no worries about my son not paying me. Should the house be bought in my name or sons name - presume we save legal fees putting it in his name. Will BOI give him mortgage if house is in his name. Any other views appreciated.
you should take out some sort of contract with your son to safe guard yourself as anything could happen with the mortgage and you could lose out, why not speak to a solicitor before you give over the purchase price of the property to your son.
My son is keen to buy house. Has good permanent job. Applied for mortgage with BOI. They said they will give him mortgage after he prooves saving ability for at least 6 months, which he will have no problem doing.
I am considering giving him the full price to buy the house. He is to pay me back when he gets the mortgage.
Any views on what issues I should consider before doing this. I have no worries about my son not paying me. Should the house be bought in my name or sons name - presume we save legal fees putting it in his name. Will BOI give him mortgage if house is in his name. Any other views appreciated.
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