Can I buy a house for my daughter
Posted on 24 January 2017 by Sharon
I own my own home and another property outright (rented out). I am thinking about buying a property for my daughter and her boyfriend to rent from me. But I would need a mortgage. I could afford a deposit of about 15% of the property value. What would be my best option please?
There are a number of different options that you could look at, including :-
- Raising a residential mortgage on your own home
- Raising a Buy To Let mortgage on your rental property
- Raising a mortgage on the new property either as a regulated Buy To Let or as a Home for a dependent relative.
The most appropriate option is likely to depend on the actual figures involved, including the property values, your income, rental income from the buy to let, and the rates for the different types of mortgage.
I would suggest that it's worth having an initial discussion with one of our consultants to explore in more detail the different alternatives open to you. If you'd like to do so, then please let me know and I'll arrange a convenient time for one of them to contact you.
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.