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Helping your child!
Comments
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Thank you for all your advice. It's a shame I can't share the mortgage. I can take on his student loan and see how that affects things.
I don't think you making his student loan repayments is going to make any difference. He really needs to be earning about £20k more than he currently does for the sums to stack up.
I don't know where in the country he's looking to buy but a £350k property on a £25k salary is highly improbable.0 -
A £350k property on £25k a year!? I think he's got ideas above his means quite frankly and as his Mum you should be strongly advising him to do the maths again. I earn £25k and when I lived alone I struggled with a mortgage of £500 going out per month with all the associated bills, my basic outgoings were £1000....that's not allowing for my car needing replacement, things going wrong with the washing machine, house maintenance, clothes, savings etc. A house half that value would be a tight stretch in my opinion.0
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A £350k property on £25k a year!? I think he's got ideas above his means quite frankly and as his Mum you should be strongly advising him to do the maths again. I earn £25k and when I lived alone I struggled with a mortgage of £500 going out per month with all the associated bills, my basic outgoings were £1000....that's not allowing for my car needing replacement, things going wrong with the washing machine, house maintenance, clothes, savings etc. A house half that value would be a tight stretch in my opinion.
THIS!!!
I own a £130,000 property on the same wage, on my own. I have a GOOD mortgage (imo) & pay £470 a month. That leaves me able to lead a normal lifestyle on my solo wage.
How on earth can he afford that property & expect a decent standard of living?
I think you as Mum should really be changing his outlook on what he should be getting as his first property. Taking on his student loan won't have any impact...0 -
I thought it was pretty obvious i meant for the mum to pay OFF the loan , not just take over repayments !
In any event , as stated already , it wont make any difference on a property of this value ,though it might do , should mum and son get a reality check and aim their sights on a more appropriate propertyNever, under any circumstances, take a sleeping pill and a laxative on the same night.0
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