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Legal protection in shared ownership
EarlyEarnings
Posts: 1 Newbie
First time post - searching the net hasn't helped and so I hope a forum reader can offer advice. I would like to put some money towards my son's search for a house to purchase.
I've recently inherited almost £75k and would like to use it to reduce the amount my son will have to pay in mortgage repayments for his first-time purchase. A typical family home in my area costs around £150k, just out of my son's mortgage capacity. I would like to arrange an agreement where I would own a percentage of a property, with my son arranging a mortgage for the remainder. For example:
* Property worth £150k
* I put £75k cash towards the value.
* Son arranges mortgage for remaining 50%
I am not looking to benefit from the money I have invested (ofer than any capital gains if the value rises) but would like to protect my investment in the unlikely event that my son was not able to keep up repayments.
Is anyone aware of a arrangement that would offer me protection, but still allow my son to arrange a mortgage and benefit from being on the property ladder? We live in Scotland.
I've recently inherited almost £75k and would like to use it to reduce the amount my son will have to pay in mortgage repayments for his first-time purchase. A typical family home in my area costs around £150k, just out of my son's mortgage capacity. I would like to arrange an agreement where I would own a percentage of a property, with my son arranging a mortgage for the remainder. For example:
* Property worth £150k
* I put £75k cash towards the value.
* Son arranges mortgage for remaining 50%
I am not looking to benefit from the money I have invested (ofer than any capital gains if the value rises) but would like to protect my investment in the unlikely event that my son was not able to keep up repayments.
Is anyone aware of a arrangement that would offer me protection, but still allow my son to arrange a mortgage and benefit from being on the property ladder? We live in Scotland.
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