Daughters first home

tenpin369

My lil girl is thinking of purchasing property, with her partner. Apart from contributing to the deposit, I would like to take out a long term policy (in her name) which must be used to reduce the monthly payments. When I was a lil boy, life assurance was the way forward. This product has had a bad time recently but is making a recovery. Any advice or suggestions will be welcomed to
Many thanks peeps.
DC

Bossyboots

I have reported this as spam.

If you claim to be a genuine poster, then remove the link yourself and wait for answers in the proper place, which is on the forum.

mountainofdebt

I'm tempted to believe that the poster doesn't understand how MSE works and thought that responses would have to be sent to a private email address.

OP - remove your email address - otherwise your in box will be full of !!!!!!!

tenpin369

Sorry to have disturbed you in your ivory tower Bossy boots. This is a genuine post from a new user and your attitude is somewhat negative. Hopefully other users will be more tolerant.

furndire

What a shame that was the first response that the newbie got.
Usually people are more understanding, so I hope this hasn't put you off. There does seem to have been a lot of people coming on here with their own agenda lately, and it does tend to upset people. Me being quite naive, I tend to take what people say as correct until I have reason to believe otherwise.

mountainofdebt

that everyone has got off on the wrong foot with this post?

Bossyboots is very helpful to everyone - and this site has had alot of - how can I put nicely - dubious postings recently and it is very easy to misunderstand a posters intentions.

Anyway OP, I think there are a number of things you need to consider.

Will there will any legal agreement between your daughter and her partner so that your gift is some how recognised if they were to split up? Also if you contributed to this purchase (via whatever savings plan you had in mind) would an agreement cover this? What would you do if she (and her partner) decided not to use the proceeds of the saving vehicle against paying off their mortgage?

tenpin369

I would doubt that any legal agreement would be entered into. My understanding is that a gift does not fall to assets (matrimonial or otherwise). As the product would be long term it may be impossible to dictate its final or interim use. I can hope that it is used for the purpose intended. There are a number of legal issues, but I would prefer not to get too involved unless it was absolutely necessary.
Any suggestions on a suitable product?
Ta
ps. what does OP mean?

InMyDreams

tenpin369 wrote:

ps. what does OP mean?

OP - Original post(er)

Robert_Sterling

The Nationwide allow overpayments of up to £500 a month on most or may be all of their mortgages.
You could set up a direct debit to make monthly payments into her mortgage account or directly into her current account.

mountainofdebt

Speaking as a parent, I would be very wary of contributing (what I assume) would be a significant amount of money for a property deposit and for future payments if there wasn't some agreement to say that my son effectively owned a larger percentage of the property than his partner in the event of a split (I know you don't say if your daughter is married but I'm assuming she isn't).

I know you are only trying to help your daughter and her partner but be honest, if you helped them to the extent that you are prepared to, would you honestly be happy for her partner to get 50% of the property say 2 years down the line should they split up?

Its a horrible thing to do but I think you should always assume that people will act selfishly rather than honourably when money is involved

tenpin369

Thanks MoD. I understand the train of thought....however I really want to be positive regarding the relationship. I personally believe that recitals with regard to what is mine and what is yours are themselves a vehicle for dispute, as time goes on and circumstances change.
It is also my understanding that his parents will be contributing.
Any opinion on "Level Term Life Assurance". I have just received a quote from L&G....£200,000 ..25years...£8.15/month. Sounds rather cheap to me.