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Mortgage for age 16?
Comments
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Does the property management company enter into contracts with 16 year olds?greensmoker wrote: »the property would be managed by a property management company.
In any event, she would still be ultimately responsible for the property.0 -
I didn't think of that. Thank you for pointing it out.
I guess she'll have to wait until she's 180 -
Do not see it as a bad thing.
I have been a landlord and I would never do it again. It is not just a case of renting it out and leaving it to a management company...if only.
Your daughter is 16. Let her be a 16 year old. She should be thinking about going to the cinema, trying to get in to a pub under age and going shopping with her mates - not preparing to run a business and doing accounts and tax returns or worrying about idiots who moved in to her house and trashed it and also refuse to move out whilst not paying rent.I am a Mortgage AdviserYou 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.0 -
I appreciate your advice, thank you so much.
She enjoys her life too (though working really hard for 10 GCSEs now.
Is there any other option for her to invest her money?0 -
As a 'child' she should be able to get pretty good interest rates on her money and if she saves as well as she obviously must have done to get the 25% deposit over the next 2 years then she will be laughing by the time she hits 18 and is able to actually buy herself
Nationwide do 3.5% gross with max 5K per year plus Help to buy ISA's.Those who risk nothing, Do nothing, achieve nothing, become nothingMFW #63 £0/£5000 -
You could have a look at some of the friendly societies?
https://www.shepherdsfriendly.co.uk/plans/child-savings (as an example).I am a Mortgage AdviserYou 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.0
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