First time buyers with no deposit

squeeks

Simon_gloster wrote: »

Therefore, if you gift them 10% deposit, they need to get a 90% mortgage (63k). It will have to be a repayment mortgage also.

To go further, if you gift thwm 15%, you'll be amazed how much better the rates will be for them. Full steam ahead methinks!!!

So, the OP's own child is buying the OP's flat off them? The child doesn't have a mortgage nor does the OP. The OP wants some capital released from the property and thinks the child might provide that.

I can't see the benefit for the child to be honest. Yes they will own somewhere, but also have a mortgage, which will cost more per month and be liable for everything that goes with that. That and it's your parents rental, they can probably do anything now to the place that they wanted to do. That and they can hardly put in a cheeky offer on the place.

If the OP needs money, MEW or increase the rent. - Or kick the kids out of the flat and let/sell on the open market, if you'd get a higher return, and put the kids up at your place until they can find somewhere else to live.

dimbo61

Have a look at YBS offset mortgages !!!!
Family and friends offsetting !
You gift your son the 15% deposit and he gets a mortgage with his G/F ( repayment) and buys the flat.
You put some of the capital you now have into YOUR offset account once you have filled your cash ISA,s allowance.
It helps them clear the mortgage quicker and you wont have your savings in low interest accounts.
Fill a new cash ISA every year

bodmil

If they're on low wages, and can't save on a low rent, why on earth would do they want to take on a huge debt?