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Buy to let for children
lesleyk_2
Posts: 11 Forumite
Hi, I'm new to this and wondered if anyone had any ideas about our plan to help out the kids.
Basically we are considering selling our property and buying a smaller one with a similar mortgage, and using the remaining equity (£35,000) as a deposit on a house for our eldest son. The idea would be to get a buy to let mortgage (if possible) on the second property and son + a couple of other people could pay rent.
Just wondered if anyone else had done this and if you think it's a good idea or not.
Thank you in advance!
l
Basically we are considering selling our property and buying a smaller one with a similar mortgage, and using the remaining equity (£35,000) as a deposit on a house for our eldest son. The idea would be to get a buy to let mortgage (if possible) on the second property and son + a couple of other people could pay rent.
Just wondered if anyone else had done this and if you think it's a good idea or not.
Thank you in advance!
l
0
Comments
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Yes it is a good idea. Just make sure they all have legally bound tenancy agreements including your son.2008 Comping ChallengeWon so far - £3010 Needed - £230Debt free since Oct 20040
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Thanks Black Saturn.0
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