What's the best way for me to get a deposit for my son?

Thrugelmir

You are highly unlikely to be granted a £20k "short term" loan on the basis of a future inheritance. 

To be honest the figures as they stand don't stack up. Be better to look for a cheaper affordable property outside of York. 

MWT

Thrugelmir said:

You are highly unlikely to be granted a £20k "short term" loan on the basis of a future inheritance.

The inheritance isn't the basis for the loan though, that is the basis for the repayment to the OP from her son.

The loan would be relatively easy to obtain as the OP has both multiple income sources and unmortgaged property.

There are other flaws in the plan though as highlighted already, but the loan itself shouldn't be hard to obtain.

SpiderLegs

The son has no deposit, doesn’t have the income to qualify for the mortgage and would want a lodger to help pay it even if they did.
they haven’t even started the job, have no idea of whether they’ll settle in it, nor have any idea on general living costs in York or how their life will develop there.

honestly, it’s a complete non-starter.
anyone who tells the OP otherwise is effectively promoting irresponsible lending practices IMO.

lonibra

SpiderLegs said:

The son has no deposit, doesn’t have the income to qualify for the mortgage and would want a lodger to help pay it even if they did.
they haven’t even started the job, have no idea of whether they’ll settle in it, nor have any idea on general living costs in York or how their life will develop there.

honestly, it’s a complete non-starter.
anyone who tells the OP otherwise is effectively promoting irresponsible lending practices IMO.

That doesn't make any sense. How would giving the OP ideas amount to promoting irresponsible lending practices? Surely that's up to the banks?

davidmcn

lonibra said:

SpiderLegs said:

The son has no deposit, doesn’t have the income to qualify for the mortgage and would want a lodger to help pay it even if they did.
they haven’t even started the job, have no idea of whether they’ll settle in it, nor have any idea on general living costs in York or how their life will develop there.

honestly, it’s a complete non-starter.
anyone who tells the OP otherwise is effectively promoting irresponsible lending practices IMO.

That doesn't make any sense. How would giving the OP ideas amount to promoting irresponsible lending practices? Surely that's up to the banks?

To be fair, they are proposing to lend their son £20k...

KANGIN

Thank you to everyone who has responded to my question. You've given me some food for thought. My son knows of at least two other youngsters who might be willing to share a property in York which might may make this 'do-able' and what I didn't mention before is that he has already had a year out in industry with this particular bluechip company who are now employing him on a permanent basis as part of his degree and he is very familiar with the world of renting/budgeting etc. I take on board all of your comments, especially about 'gifting' him this money and understand that asking for it back may have implications, not least with the inland revenue. Thank you for your help.