Looking to purchase a property with my son. I'm 66, he's 38. It will be a joint tenancy arrangement.
The purchase price will be 500,000: 50% will be funded by me in cash (250k) with the remaining 50% funded by him with a mortgage hopefully (220k mortgage, 30k deposit)
Can anyone advise, before I speak to a bank, around what might be a banks approach or concerns around this?
- Would they lend only to my son but comfortable around the joint ownership status I would obviously remain on deeds (as you can see total LTV would less than 50%)?
- Would they require me to also be party to the loan agreement? Would my age be a barrier here?
- Any issues I may not be considering....want this structured so as to ensure everyone (including my other children's inheritance) is protected?
- Broadly has anyone seen this type of arrangement work previously?
Thanks in advance for any insights
The purchase price will be 500,000: 50% will be funded by me in cash (250k) with the remaining 50% funded by him with a mortgage hopefully (220k mortgage, 30k deposit)
Can anyone advise, before I speak to a bank, around what might be a banks approach or concerns around this?
- Would they lend only to my son but comfortable around the joint ownership status I would obviously remain on deeds (as you can see total LTV would less than 50%)?
- Would they require me to also be party to the loan agreement? Would my age be a barrier here?
- Any issues I may not be considering....want this structured so as to ensure everyone (including my other children's inheritance) is protected?
- Broadly has anyone seen this type of arrangement work previously?
Thanks in advance for any insights