Getting Family On The Property Ladder

There is an increasing number of situations where parents would like to see their children on the property ladder, or it could be you that wants to get on the property ladder, but lack the income to support a mortgage.

Well, there are ways in which we can help!

Some of the key questions we get on this are:

Q1 - If I go on the mortgage with my children, won't I pay higher rate stamp duty as I already own my own property?

A1 - You can mitigate this as you would be on the mortgage, but not on the deeds. You would need independent legal advice so that you know what your responsibilities and commitments are

Q2 - How does it work as I'm a lot older?

A2 - We have a large number of lenders now that will allow mortgages up to the age of 70 to 75, so providing your age and term or the mortgage fits within this, then a longer term mortgage is possible

Q3 - Will I be on this mortgage for the whole term?

A3 - Ideally not. This is supposed to be a 'helping hand' to get them on the property ladder. We plan out a strategy for how long we think it will take for your child to be able to then take the mortgage on in their own right. It is important for everyone to have an exit strategy planned out on this!

These are just a few questions we get around this. Get in contact with any other questions you have and an explanation on how this can work for you and your children.

Mike Brown
Director
mike@crystalclearfs.com
(01483) 487417