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Would appreciate your thoughts on the alternative ways of helping our children get their first places over the next few years. They will have good deposits but might not all have well payed traditional employment. I am guessing I can't be a guarantor on their mortgages but is it possible to buy a place with them, where I or my wife might buy a 1% stake , only incur the 2nd home stamp duty rates on our small chunk but still enable them to meet the joint earnings criteria?
What other methods might work or have you used? If you can't think of any, would you like a lodger!
I know someone like this and they have no appreciation of what's involved! But then that doesn't apply to all.
Unfortunately the stamp duty query you mention isn't possible.
I just want to help them a bit Adam, not to throw paper planes made of fifties at them as they loll around in pyjamas eating grapes
My son is 3. If I help him do his coat up - he keeps asking me to do his coat up for him. I spent some time talking him through how you line up the zipper, and hold the bottom of the coat. Now he can do it for himself.
I am much more proud of him for this small achievement than I would be if he asked me to do it. And now he is more independent, doesn't take my time up with doing this and his enthusiasm (having been praised for his achievement) for then trying to learn to tie his laces has increased.
Clearly great parents want to help their kids. I just wonder if too much help, doesn't actually help them?
I don't think we are too far apart really. I would never gift a deposit to someone who hadn't bothered to save, or buy a place for someone who refused to work, but I might help a bit if someone had done both of those things and needed a bit of a boost so as not to miss a great opportunity, or was doing important work that didn't pay as well as it should.
Disclaimer: I have no legal expertise nor am I a qualified advisor on any subject. A humble landlord using an open forum to exchange ideas and experiences.
Thank you Saagar. I will do a little digging over the next few months to get ahead of the game and look into these kinds of products but I won't waste the time of a Mortgage Consultant until things are more imminent.
One thing I would suggest to help your children is to get them to put £1 minimum into a Help to Buy ISA before the deadline closes on 30th November 2019.
There's also Lifetime ISA's worth setting up before they change criteria or close opportunity.
If you have a Lifetime ISA and a Help to Buy ISA, you can only use the government bonus from one of them to buy your first home.
Many thanks, they all have LISA's and good saving habits. Some on here seem to think i want to spoil them, but all I want to do is help them a bit!
I appreciate your making sure I knew about LISA's, you're right they are a brilliant thing not to be missed.