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Joint Borrower Sole Proprietor Mortgage - tax implications
keelacentury
Posts: 1 Newbie
Hello,
We have been considering ways to support our 2 children in buying their first home together and have arrived at the JBSP Mortgage.
With our affordability being based on our shared incomes and my husband’s and my retirement ages, Tembo (broker) have advised us that we could probably only get a 12 mortgage.
We live in our own mortgage-free home and will be contributing to their deposit and to their monthly repayments until they can re-mortgage once their independent affordability increases. However, before we go any further, could anyone confirm the tax implications (Capital Gains/ Inheritance Tax) of this type of mortgage?
We have been considering ways to support our 2 children in buying their first home together and have arrived at the JBSP Mortgage.
With our affordability being based on our shared incomes and my husband’s and my retirement ages, Tembo (broker) have advised us that we could probably only get a 12 mortgage.
We live in our own mortgage-free home and will be contributing to their deposit and to their monthly repayments until they can re-mortgage once their independent affordability increases. However, before we go any further, could anyone confirm the tax implications (Capital Gains/ Inheritance Tax) of this type of mortgage?
0
Comments
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There are likely to be none. You are mortgage borrowers only.
Possible IHT consideration on gifted deposit if death of donor takes place within seven years. But only in context of overall size of estate with gift added back in.I am a mortgage broker. 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. Please do not send PMs asking for one-to-one-advice, or representation.1 -
I take it your already making sure both children are saving into LISA ISA,s as a start0
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