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Shared ownership
SadGrandog
Posts: 1 Newbie
If I lend my son the cash to purchase 30% share of a property on a shared ownership scheme can he mortgage it afterwards to pay me back. Just trying to speed up the purchase process as he has to move out of his rented flat in two months
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Comments
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He may be able to. It's impossible to say without any degree of accuracy.
TBH we can usually get from application to offer in about two weeks on a standard SO application, so a mortgage is unlikely to create any delay.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.0 -
The fact that you have loaned him the money rather than gifted it would need to be taken into account for the mortgage application affordability. I mean, obviously you could not say that it's a loan and provide a letter to confirm it's a gift. How you would get the money back is another issue.I’m a Forum Ambassador and I support the Forum Team on Debt Free Wannabe, Old Style Money Saving and Pensions boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.
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