Raising money to buy property

derek_h

We are mortgage free., and would like to buy a house for our daughter. the rent she is currently paying is virtually a mortgage repayment amount. we are both in our sixties so not sure if we will be able to obtain another mortgage. would a loan be more appropiate. not convinced about equity release. cannot downsize as we also have our other adult child and offspring living with us. the amount we need is about a third of what our property is currently worth. She is unable to get a mortgage of her own.
:huh::huh::huh::huh::huh::huh::huh::huh::huh::

elverson

Have you spoken to a mortgage broker?

cashbackproblems

Don't see what other options you have unlikely to get a decent mortgage at your age plus if in your name you will have to pay the higher stamp duty.


How long do you plan on working for, how stable if your job and pensions? Any savings to help her for a deposit? Why cant she get a mortgage in her name.


Equity release seems like the only way.

always_sunny

derek_h wrote: »

the rent she is currently paying is virtually a mortgage repayment amount.
.......
She is unable to get a mortgage of her own.

What rent is she suppose to pay? A symbolic amount? What an odd statement!
If she's unable to get a mortgage of her own, how can she make repayments?

Cakeguts

Don't. If your daughter is as you say paying virtually mortgage repayments in rent at least she isn't paying for repairs on top of that.

Does she have any savings? You have to be careful not to assume that your daughter has the same aspirations in life as you do. Lots of young people these days buy cars on finance. Older people would want to buy a house first before a nice car but lots of young people want nice holidays, nice cars and all the latest gadgets. There is nothing wrong with this that is their choice but this choice also means that they will rent rather than buy a house because they aren't really interested in saving for the future and if you own a house you have to save for the future in case you lose your job and have to make the mortgage repayments out of savings.

If your daughter can afford to rent she is housed. She will be housed if she loses her job. There are advantages to renting it isn't wasted money as some people think it is paying for somewhere to live.