Film, Media & TV1 min ago
KIDZ!! ( bless em )
15 Answers
I am thinking about helping both my kids to get on the property ladder by buying 50% of their first home with them as they are not earning enough to pay a full mortgage. The idea is that we buy a house, and they only get a mortage for half the value and I fund the rest. Then if a partner wants to move in they would have to pay rent.
I'm sure there are plenty of pifalls waiting but I can't think of them.
Also any cheap mortgage deals?
Thanx in advance
I'm sure there are plenty of pifalls waiting but I can't think of them.
Also any cheap mortgage deals?
Thanx in advance
Answers
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For more on marking an answer as the "Best Answer", please visit our FAQ.LOL Toneisok, I'm afraid not..only advice I can give is don't let someone live with you unless you trust them implicitly!
Having been ripped off by an ex myself I do sympathise, and as I have said in theory the plan for a partner to pay rent works in theory...and of course anyome worth their salt will be willing to go along with that plan.
However things could go along swimmingly for a long time, they take over the mortgage or one of your children decides to sell their half of the property and buy another place with their partner. The unscrupuloous partner would then end up wit a chunk of equity beyond the amount they paid as a joint tenant in mortgage terms are equally entitled to proceeds.
It may well be delaying the inevitable?
Having been ripped off by an ex myself I do sympathise, and as I have said in theory the plan for a partner to pay rent works in theory...and of course anyome worth their salt will be willing to go along with that plan.
However things could go along swimmingly for a long time, they take over the mortgage or one of your children decides to sell their half of the property and buy another place with their partner. The unscrupuloous partner would then end up wit a chunk of equity beyond the amount they paid as a joint tenant in mortgage terms are equally entitled to proceeds.
It may well be delaying the inevitable?
speak to a solicitor! Im sure that it can be arranged so that you will own a certain percentage of the property and can claim that back before anyone else can take and equity.
Any future partners your children may have will still have some claim to equity from when they start to contirbute to the home but at least your part would be safe. Just explain to your kids what could happen if relationships didnt work out.
Any future partners your children may have will still have some claim to equity from when they start to contirbute to the home but at least your part would be safe. Just explain to your kids what could happen if relationships didnt work out.
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