Help/Advise buying house for daughter

glynmar

I am trying to help my daughter (aged 24) purchase a house.
The house is in the building stage and due for completion in Mar 05.
I have put down a deposit on the house priced at £135K.
My daughter is in full time employment and currently earns about 13K
I am proposing to remortgage my own property to raise capital to help my daughter purchase the house.
My own house is currently value about £240K
I have a current account mortgage with the Royal Bank of Scotland.
The agreed facility is £138K
I am 52, my wife is 50, our joint income is about £50K.

Any help/advice on which way to go would be appreciated.

scheming_gypsy

It might be worth looking into housing association schemes and see if there's a chance she can get Shared Ownership of a property.
I've just sent off my reservation cheque for a property under the scheme myself which is aimed at first time buyers.

The house i 'should' be buying is a brand new build too but i'm buying 60% of a £123k house at £73k and paying £50 a month rent (including building insurance) on the remaining 40%. As your daughter is probably a first time buyer too she should be able to eligable..

As usual i've explained it badly but look at http://www.plumlife.co.uk for full details.

glynmar

scheming_gypsy,

Thanks for taking time to reply to my request.

I shall make further enquiries into this, I'll let you know the outcome.

Good luck with your house purchase.

Glynmar