Helping grandchildren purchase their own home.

markin

Well it sound like he needs a real work van, and money to buy tools and set up, Just give them both a one off 10K each.

Just don't expect them both to do the right thing with the money, and don't get angry if they take a holiday!

Let them enjoy it, if that's what they want!




And based on your house value (if a 3 bed) im guessing she could already afford to buy now, or is very close to it.

Fire_Fox

Not_Me wrote: »

Wow. Seems to be open a can of worms and finding its a can of rattlesnakes. Just read that back and need to comment that is not aimed at the responses but the situation that can/could arise from my initial (ill conceived) thoughts.

Thank you.

Granddaughter is saving and her goal is buying a house. Currently single. A help to buy ISA would work and help 100%

Grandson on the other hand has a partner and renting. At the moment he works for someone and mentioned about buying into that business. I am not so sure its a good plan, have an uneasy feeling he maybe taken for granted. Will he be any better off being a partner in the business or just a way for his employer to offload some costs?

Currently he only gets paid for the jobs he does. He has been doing the odd job himself and buying the tools required for each job.

A little apprehensive on whether it is all above board.

My son (his uncle) has just given him his old car after being offered just a few hundred at trade in. That could double as a family car and van.

Thank you all for your suggestions.

PS. Where is best to find out about those ISA's? £250 per month and the £4000 per year? Read something is stopping later this year, but you can still take advantage now?

Any money you put in your grandchildren's names that is not 'protected' or 'ringfenced' may end up being counted as assets by the DWP if they ever need to claim means-tested benefits.

Note that there is no governmemt help for mortgage payments for many months now; when it finally kicks in it us simply a loan towards interest. So your grandchildren would need a 'rainy day fund' or appropriate insurance from day one, as well as a deposit and costs of buying.

Someone who is newly in business will struggle to get a mortgage, is not entitled to the same means-tested benefits as employees so more likely to need to live on any savings they have access to. Depending how the business is set up, if it goes under his personal assets including his home might be at risk.

Do you need to update your will at all, or prepare Power of Attorneys (just in case)? Just thinking you could use a session with a solicitor to ask about putting money in trust for your grandchildren, or suchlike.