Siblings joint mortgage ?

lin473

I am considering gifting a deposit for my son (and his wife) and daughter to allow them to buy.
Both have a small amount saved but do not earn enough to buy on their own.

I was thinking of a house which could be informally adapted so they can have a floor each ,so they are sharing but have their own space.

After a while ,one could maybe afford to buy the other out and have a large enough deposit to buy on their own.

I know lenders might be wary of such an arrangement .
Any recommendations or advice?

amnblog

How they handle the living arrangements will not be an issue if you focus on the word informally.


No 2nd kitchens, locks or entrances of the lender will go running.


A single home with three sharing is not a problem (at least two bedrooms).


Some Lenders will take three on the application but in doing so will only count the income of two for the affordability assessment.


Makes sure that beforehand all potential changed circumstances are discussed and agreed upon and future plans laid out or you will find yourself with two children who do not talk to each other.