could i get joint mortgage with daughter

gamston

hi

my daughter is going to uni, on masters degree
she hopes to get a job afterwards in same city
i'm 54 yrs old
as she has no real income, could we get a joint mortgage over 25 yrs,
so i start paying mortgage and when she gets a job and is position to pay she takes over paying the mortgage

CLAPTON

depends upon your financial circumstances (income etc)

it may be better for her to get the mortgage and you act as a guarantor as otherwise you will need to be part owner and hence be liable to cgt when the property is sold

but is it wise?
maybe she doesn't get a job in the city and will need to sell maybe at a lose

gamston

yes i understand that may not get a job
but the amount they are charging for rent in the town, we could pay a mortgage
and have something at the end,
even if she did'nt get a job she could come back home, and we could rent it out to other students
the deposit is just sitting in bank account so that's no probelm

roonaldo

why dont you do a BTL mortgage in your name?

hcb42

gamston wrote: »

yes i understand that may not get a job
but the amount they are charging for rent in the town, we could pay a mortgage
and have something at the end,
even if she did'nt get a job she could come back home, and we could rent it out to other students
the deposit is just sitting in bank account so that's no probelm

You might not have anything at the end, you might be in negative equity or house worth less than what you paid....

other problem I highlighted is she might not come back home either, then you are both landladies, she might want to buy somewhere else, and it might have an impact too..will the rent pay the mortgage, on a BTL rate or if they increase rates?