Help for daughter

joebob

Just found out our daughter is spliting up with her partner after 10 years together. After they have sold the house they will probably clear £10.000 each, The problem now is she will only be able to get a £70.000 mortgage we want to help her and could give her £10.000. the houses that she is looking at are between £100.000 and 110.000 .We only have 4 payments left on our own mortgage and were thinking we could take a mortgage out for 20.000 to 30.000 to help her out. would this be possible, or is there other ways to help her, do they do mortgages that parents can help towards any other ideas would be helpfull.

ACG

You could look at family guarantor mortgages, but they are few and far between in the current climate.

You could also raise some money as you have suggested against your property and gift that to her if you wish that is an option.

The other would be to look for properties in the price range she can afford, potentially you might find one that needs a bit of work doing on it.

da_rule

There is nothing to prevent you giving your daughter as much money as you want. The only thing you may need to think about is if you die within 7 years of making the gift the gift may be liable to inheritance tax (depending on the value of your estate). There may also be some liability if you need council funded care in the future, but after 6 months after the gift is made the council need to show that you knew care would be needed (hard to prove).

amnblog

She sounds like a good candidate for the Help to Buy Equity Scheme.

joebob

amnblog wrote: »

She sounds like a good candidate for the Help to Buy Equity Scheme.

Is that to buy new houses