Shared mortgage with son living in Japan

Isatou

I am hoping to buy a house in partnership with my son who is currently living in Japan, as he wants to get a first step on the housing ladder. I already have a small mortgage on my own house which I have recently converted to an interest only as otherwise it will not look like (on paper) that I would be able to afford another mortgage. My son may or may not return to the UK in the next couple of years and the plan is that my younger son who lives in the UK (currently with me!) will live in the house or we will let it out. Does anyone know the tax/legal implications of buying with someone who is living abroad? Have spoken to an IFA who is happy to take into consideration son in Japan's earnings and self certify although he will not be able to 'officially' take into consideration my son's earnings as he is paid overseas. I've got a horrible feeling that this is going to be complicated!

herbiesjp

It really does depend on thw whole scenario which I suspect is not going to be that easy to convey here.

However if your son is a UK national there may well be options available to him with lenders that will use his income abroad.