Do you feel like you’re the ‘Bank of Mum and Dad’? Whether you’re helping your children through university or giving them a little bit of cash to treat themselves. And you thought it would end once they get older right?
Well now lenders have allowed the ‘Bank of Mum and Dad’ to stay open just that bit longer. No matter how much you complain, you secretly enjoy helping them out, but don’t worry we won’t tell them that.
These four scenarios show how you can help your child with purchasing a property:
1. Parents capital raising to gift the deposit for daughter’s onward purchase – we do not need to see proof of the onward purchase
2. Parents lending money (or capital raising) for son to buy for cash. Son can then remortgage property (based on original purchase price) within 6 months to pay money back to parents.
3. Gifted deposits do not specifically have to be from an immediate family member
4. A person that will be living in the property can potentially gift the deposit but not be on the mortgage i.e. parents selling their property and moving into a new larger house with son and daughter in law.
If you feel like dipping further into the ‘Bank of Mum and Dad’ to help your children fly the nest, talk to Direct Mortgage Centre today. Call our team FREE on 0800 193 0178