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Mortgage-free, buying house for son?
ericonabike
Posts: 343 Forumite
Apologies if this is an old idea, but it's new to me! I', 53 and paid off my mortgage a year or so ago. I'm thinking of buying a flat or terraced house in which I can instal my son as tenant [it will help him and should be a relatively secure investment]. Is my only mortgage option a buy to let one? I can afford the £60,000 or so loan I would need, without having to rely on tenancy income. But the prospect of paying £2.5k for the privilege of taking out a high interest BTL mortgage does not appeal. Is there any other sort of mortgage suitable for purchasing a house which is not one's main residence?
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Comments
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Simply re-mortgage your main home with a normal mortgage.0
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That easy? So there'll be no questions about what I use the money for? Blimey...0
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Yes that easy, loving the name!"You've been reading SOS when it's just your clock reading 5:05 "0
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OK and thanks - off to look at mortgage best buys now!0
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you haven't said what the situation with son is, but tax wise it would be better for son to own the property as then there would be no capital gains tax when the property is eventially sold.0
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