Conundrum

mulletdreamer

Could my son buy a percentage of my house?
He lives in it - live elsewhere...

TrickyDicky101

Does he require a mortgage to do so? The short answer is yes - but with caveats, particularly if he requires a mortgage.

mulletdreamer

I only ask because I'm trying explore various approaches to the conundrum of him living in the house. He couldn't afford a mortgage on his own, which is why I wondered.
What would the caveats be?

mrginge

What conundrum?

Lilla_D

I think OP just reposted the problem that they had already posted earlier:
https://forums.moneysavingexpert.com/discussion/comment/72506159#Comment_72506159

GarthThomas

mulletdreamer wrote: »

Could my son buy a percentage of my house?
He lives in it - live elsewhere...

If this is identical to the previous issue that you posted but refused to explain then the answers will be the same.

Your options include

Reduce the rent that he pays to a level he can afford
Get in someone to share the costs
Sell the house to him in its entirety at a low enough price that he can afford it
He gets a second job or a better job so that he can stay on

Personally I'd point out that if he can't afford the rent that it's time for him to move on. I really don't like adults being supported by their parents, as it is all too often corrosive to their prospects of standing on their own feet. Everyone I know who's been helped out on an ongoing basis by their parents has ended up arsing around for years before waking up one day and noticing that they hate where they are but with no options left.

csgohan4

Your son needs to learn independence and sorry to be putting the reality glasses on, your son needs to know what earning himself in the world and not sponge off you.


Before it is too late, your son needs to improve his career prospects and move on in life.


Even if you gifted your son the house or he had a small mortgage on it, could he afford the ongoing maintenance for example A broken boiler is 4 figures


Lastly what do you hope from opening another thread on the same issue? You have to come to terms that not everyone will give you an answer you want to hear

tykesi

csgohan4 wrote: »

for example A broken boiler is 5 figures

Nonsense. Unless you mean £xxx.xx

csgohan4

tykesi wrote: »

Nonsense. Unless you mean £xxx.xx

sorry if it wasn't clear to you, thousands then

tykesi

csgohan4 wrote: »

sorry if it wasn't clear to you, thousands then

Still nonsense, I'll leave it to you to figure out why from what you initially posted

Originally Posted by csgohan4 View Post
for example A broken boiler is 5 figures

csgohan4

tykesi wrote: »

Still nonsense, I'll leave it to you to figure out why from what you initially posted

Ah I made mistake should be 4 figures, can you confirm how much does a new boiler cost to install in your area, costs about 1-2 k depending on model. If you can get it for 3 figures let me know how is that possible