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Help with a mortgage situation

Sapphire2121

Sapphire2121 Posts: 5 Forumite

31 January 2019 at 7:59PM in Mortgages & endowments

I am new to the forum and am hoping that someone will have some answer for me, I want to help my son purchase a property, he can borrow in his own right £130,000 but needs another £100,000 to get the property he needs, I have this money in a savings bank account and would like to help him but I need to safe guard my investment. Are there any products out there that can help us

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Comments

Dean000000 Posts: 612 Forumite

31 January 2019 at 8:01PM

Can you not buy the house under joint names 50% ownership each? He san buy you out at the next remortgage?

Not sure if that’s possible or accurate but sounds plausible?

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amnblog Posts: 12,761 Forumite

31 January 2019 at 8:29PM

It depends what your priorities are but you could lend him the money and have a charge against the property to re-coup when he sells or remortgages.

I am a Mortgage Broker

You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
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Sapphire2121 Posts: 5 Forumite

31 January 2019 at 8:39PM

Thanks for the reply, only trouble with that route is the costly stamp duty as I am already a home owner and it would be classed as a second home

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Sapphire2121 Posts: 5 Forumite

31 January 2019 at 10:08PM

Could you tell me more about the charge on the property and how this would help please

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Thrugelmir Posts: 89,546 Forumite

31 January 2019 at 10:36PM

Sapphire2121 wrote: »

Could you tell me more about the charge on the property and how this would help please

You may struggle to get the first charge lender to agree to such a request.

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haras_nosirrah Posts: 2,208 Forumite

1 February 2019 at 7:48AM

There are lenders (high Street) who will allow a second charge to be registered on the property. A broker will know which ones

I am a Mortgage Adviser
You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
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getmore4less Posts: 46,882 Forumite

1 February 2019 at 9:06AM

How much does he have for a deposit?

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Sapphire2121 Posts: 5 Forumite

1 February 2019 at 10:24AM

He has £20,000 maybe we could push that to £25,000

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Exodi Posts: 4,147 Forumite

1 February 2019 at 11:36AM edited 1 February 2019 at 12:57PM

EDIT: wrong figures.

Know what you don't
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getmore4less Posts: 46,882 Forumite

1 February 2019 at 12:51PM

I think the place is £250k

£20k deposit
£130k mortgage
£100k from bank of M&(or)D.

That's how I read it.

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