There are several ways you could buy the property for your son. You could purchase the property in your sole name, and then transfer it to him when he finishes university and starts work. Alternatively you could buy the property in joint names if your income is sufficient to support all of your current commitments, or buy it in his name with you as a guarantor, or purchase.
You don't mention whether he will be living in the property whilst at university, or if you'll be renting the property out initially? This would be an influencing factor on which lenders we may be looking at. We would need to get the rest of your personal / financial details before saying anything more definite.
If'd you'd like to talk through some of these options in more detail, then please let me know and I'll arrange a convenient time for you to talk to one of our consultants.
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Answers provided in response to Ask the experts are based on the information provided and do not constitute advice under the Financial Services & Markets Act. They reflect the personal views of the authors and do not necessarily represent the views, positions, strategies or opinions of John Charcol. All comments are made in good faith, and John Charcol will not accept liability for them.
We recommend you seek professional advice with regard to any of these topics where appropriate.
YOUR PROPERTY MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR ANY DEBT SECURED ON IT.
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