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help for my son

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Surreyroamer
Surreyroamer Posts: 1 Newbie
edited 13 February 2016 at 5:41PM in Mortgages & endowments
I am retired, I have a comfortable income (pensions) my mortgage is paid off, my son 21 is in the Army and will one day need to buy a house he is married, and sadly like most youngsters not the most forward looking financial planner, I'm looking for a way to help him with this potential problem/mortgage I'm looking to save spare cash usually £200 pcm, I want this to be independant of him any idea's on a way forward , thank you.

Comments

  • dimbo61
    dimbo61 Posts: 13,727 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    Help to buy ISA but you need to tell your son and set up in his name.
    Halifax offer 4% plus the 25% from the government ( you and me )
    He cannot do this if he has other ISA,s ?
    It is a start
  • Thrugelmir
    Thrugelmir Posts: 89,546 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    Start in an ISA in your name. When the times is right give your son the money.
  • ViolaLass
    ViolaLass Posts: 5,764 Forumite
    No need to put the money in an ISA - there are plenty of accounts that pay more than ISAs even once tax is deducted (and the tax deduction is about to stop anyway).
  • Does your son know about this? Perhaps you could teach him to save by saying you'll put £200 a month into an account if he will contribute the same? that way he'll save a deposit quicker. If he is married there may be children before you know it and he'll need to know how to manage his money then.
    I am a Mortgage Adviser

    You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
  • It might be worth him looking into the Forces Help to Buy scheme as well when the time comes.
    I am a Mortgage Broker
    You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it.
    This signature is here as I follow MSE's Mortgage Adviser code of conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
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