Help your Child to Buy - Loan Option

At Share a Mortgage, we give you the option to loan your children money to buy a property. Your loan not only gives your children more buying power but means that the mortgage figure they need to buy their home will be less and monthly repayments will also be lower.

You set the conditions for your loan; when and under what conditions it is to be paid back. You register a second charge on the property representing your loan. NB You need to check if your lender will allow you to have a second charge on the property. It will largely depend on the size of the loan you make available compared to the size of the mortgage.

To protect the arrangement between you and your child, Share a Mortgage provides a legal document called the Shared Ownership Protection. You both agree the terms concerning the repayment of the loan, setting out clear parameters about when your child has to start repaying the loan, by what date it has to be paid back and whether, for example you are intending to charge interest.

Your children:

• are solely reliable for mortgage repayments
• take responsibility for living in the property – no more rent or living at home!
• benefit from having greater buying options, not having to take out so large a mortgage a mortgage in your name, potentially with a better mortgage product
• pay back your loan according to the time limits you agreed
• can be forced to sell if they do not repay your loan as agreed
  

For you:

• are not liable to the lender for the repayment of the mortgage
• have a second charge on the property with the help of Shared Ownership Protection
• have to have the agreement of the mortgage lender for the second charge
• satisfaction of helping your child onto the property ladder

We provide a full conveyancing service and introduce you to market leading mortgage advisors, conveyancing solicitors and RICS surveyors.

You should consider:

• You have to find a lender who will agree to you having a second charge on the property
• If your children do not keep up repayments on the property, they could be repossessed and you are unlikely to recover your loan money from the sale

For more information call now on

0333 344 3234

Buy GiftGuarantee Loan

Help your Child to Buy Buying a home with your children can help them get onto the property ladder because you increase their buying power with your salary and additions to deposit funds. You also keep control because your name is 'on the deeds' as your children gain in independence and responsibility stemming from looking after the property and keeping up monthly repayments. Find out more about the Help your Child to Buy - Buying Option

Help your Child to Buy - with a Gift At Share a Mortgage, we give you the option to gift a property to your children. You can either gift a large enough deposit so that your child can get a mortgage, or the full value of the property. Remember, you can gift any amount of money to your children tax free. Find out more about the Help your Child to Buy - Gift Option

Help your Child to Buy as a Guarantor At Share a Mortgage, we give you the option to buy a property with your children with you acting as guarantor for their mortgage. As guarantor, mortgage lenders are more likely to lend and may offer a larger mortgage. The mortgage lender takes into consideration your income and assets which boosts the buying power of your child, with the additional security that you pay the mortgage if your child doesn't. Find out more about the Help your Child to Buy - Guarantor Option

Help your Child to Buy with a loan At Share a Mortgage, we give you the option to loan your children money to buy a property. Your loan not only gives your children more buying power but means that the mortgage figure they need to buy their home will be less and monthly repayments will also be lower. You set the conditions for your loan; when and under what circumstances it is to be paid back. Find out more about the Help your Child to Buy - Loan Option