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Parents financial responsibility
Sandoz64
Posts: 2 Newbie
Can anyone tell me at what age a child needs to be for the parent to have no financial responsibility for their actions. We are in Scotland and my son is taking out a mortgage and I don't want to be lumped with it if he defaults. Thanks for any advice.
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Comments
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Parents don't have any financial responsibility for their child's actions (unless they specifically agree to guarantee a debt).0
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If you think there is a risk of default perhaps having a conversation with him about managing his debt would be more appropriate?
Why would you think you would ever be saddled with his debt?I am a Mortgage & Protection Broker
MSE doesn't check my status so you have to take my word for it. Any information posted is for discussion only and should not be seen as advice. I am FCA Registered, registration details available on request.0 -
If you can get a mortgage, you're no longer a child.0
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Why on earth would you think you are liable ?????? I know Scotland has different laws in some respects especially with regard to housing but it can't possibly be that a child can get a loan and lumber the parent with it.0
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AnotherJoe wrote: »I know Scotland has different laws in some respects especially with regard to housing but it can't possibly be that a child can get a loan and lumber the parent with it.
I can confirm there's no such peculiarity in Scots law.0 -
Thanks for the replies. Don't think I will post another question on here after the seemingly judgemental/condescending nature of some of them but thanks in particular to David for your prompt and straightforward answer. Taken a weight off of my mind. ��0
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I don't think anybody was condescending or judgmental.
Some - like me - are puzzled as to why you think you would be responsible for your son's mortgage debt; and one person has made a suggestion that you should talk to your son if you think there is a chance he might default.:heartpuls Mrs Marleyboy :heartpuls
MSE: many of the benefits of a helpful family, without disadvantages like having to compete for the tv remote
Proud Parents to an Aut-some son 0 -
He is responsible for his debts and you would not be liable unless you were named on the mortgage or acted as guarantorJust a single mum, working full time, bit of a nutcase, but mostly sensible, wanting to be Mortgage free by 2035 or less! £196,000/£177560 to go0
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