Helping your children onto the property ladder

Readit

I would like to help my children onto the property ladder, but one of them has walked away from two failed relationships with nothing in the last 9 years, I would like to protect the money I give him so that if he walks away, or 50% split, the money I give is fully protected. ANY IDEAS WELCOMED

amnblog

Speak to good broker. Certain mortgage lenders will allow you to 'gift' deposit funds to your children yet put a charge against the property to ensure you get your cash back first in the event of a later sale.


Everyone wins.

were

my friends girlfriends parents did what you want to do. they even paid for £12k for double glazing as a present. 4 months on my friend decided she was not the one. Her parents lost 12k and she lost about 60% of the house value, even though it should have been a 50% split. He also ended up keeping the house.

This is not fool proof, but better than giving her money... loan it to her at an extortionate rate and the compounded interest to be paid at the end of term. You may in the future also rip up the contract . Her partner other hand, after living there for 15 years, may also in the future not pay the bills, take out a second mortgage, leave with the money and put your daughter and kids in double the debt.

csgohan4

money and family shouldn't mix, unless your not expecting the money back, don't lend it. Money destroys families and friends.


Plenty of threads on this issue.


Your children are adults and they must take responsibility for their own actions and not expect to be bailed out by their parents all the time. They have to learn to stand on their own two feet as well.


Failed relationship or not, they are adults and they have to learn from it.

Whistler23

What a load of tosh csgohan4. Because you read a handful of negative threads you assume that money destroys families. I know probably just as many people my self that have had help from their parents and/or family with no issues what so ever.

It's the same for everything, only ever hear the bad.

OP, good luck finding a solution to assist your child/children. After all, it's what parents do!