best way to assist son to get mortgage

younghousebuyer

Our son is in a high earning professional stable job, but due to cost of exams and high rent costs in central london, is struggling to save deposit. He has no debt other than student loan. his rent is actually more than a mortgage would be. What is the best way we can help, We have done family springboard with Barclays with another child, so we know this works, but are other schemes worth considering. We own our house outright, and still both work. We don't want our names on mortgage as will be his house , but are there ways our salaries can be taken into account. Any suggestions would be great

John_G_Jones

Springboard is still worth looking at but another way would be to gift him a deposit.

dimbo61

Start off with a Lisa ISA.
25% off the government plus a little bit of interest.
You can only pay in £4000 a year.

tacpot12

Can son find somewhere cheaper to rent? I know it's a balancing act between rent and travel costs, but is son actually spending all his income on rent & travel?

Zero_Sum

Find a job outside of London

[Deleted User]

Zero_Sum wrote: »

Find a job outside of London

Is this a serious suggestion or are you just taking the p1ss?


Scratch that. You're doing the latter.

Flugelhorn

johnsmith1890 wrote: »

Is this a serious suggestion or are you just taking the p1ss?


Scratch that. You're doing the latter.

Being outside London is always a thought - I lived there for quite a few years and then got job with same pay outside London and was able to buy house etc.

Interesting thread - looking to see how I can help our kids, useful to see the options

Zero_Sum

johnsmith1890 wrote: »

Is this a serious suggestion or are you just taking the p1ss?


Scratch that. You're doing the latter.

Its a real suggestion. Everyone is obsessed with london but quality of life is loads better once you factor in housing. You could double my salary & i still wouldnt work down london as i still would either only be able to afford a small flat or face a 90 min commute.

[Deleted User]

Flugelhorn wrote: »

Being outside London is always a thought - I lived there for quite a few years and then got job with same pay outside London and was able to buy house etc.

Interesting thread - looking to see how I can help our kids, useful to see the options

Of course, but the OP will be well aware of this and ruled it out for whatever reason. Unfortunately, the type of response about which I'm complaining, is very common on this forum.


Regarding the OP's enquiry; we gifted our sons money. You have to go through ridiculous anti-money laundering declarations to do so (also to declare it's a gift, not a loan), but if you can afford it, it's not a bad way to proceed.

Zero_Sum

johnsmith1890 wrote: »

Of course, but the OP will be well aware of this and ruled it out for whatever reason. Unfortunately, the type of response about which I'm complaining, is very common on this forum.

.

Theres also a lot of snobbery from the SE towards the other regions despite in many cases having never been there

Thrugelmir

younghousebuyer wrote: »

We own our house outright, and still both work. We don't want our names on mortgage as will be his house , but are there ways our salaries can be taken into account.

Your incomes have no bearing if you aren't willing to partcipate in the mortgage application. Helping with the deposit seems to be the way forward.

As others have suggested commuting is most likely the most suitable option. Crossrail will open up opportunities that didn't previously exist.