I have enough equatity in my house,so should I increase my mortgage ,and buy the second house for cash….Or should I raise a mortgage on the second house.I will only need it while hes at uni….Or will it be a lot less hassle and just rent a hovel?
Anyone else been in the same predictment?
If you buy the house with a mortgage, you could rent out the spare bedrooms to other students and receive tax relief on the interest.
On the other hand, just purchasing a house for 3 years sounds like a lot of dead money in terms of agents fees, stamp duty, etc.
Thinking of buying a home for my student son.Mortgage Advice? UK?
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if you can get in to a Bairstow Eves estate agents they have in house mortgage advisors myself and my husband just bought a house and used them they are brilliant and you don’t have to pay the mortgage company pays them x
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HE IS BETTER OFF IN DIGS WITH SOME ELDERLY WOMAN WHO WILL MOTHER (I NEARLY SAID SMOTHER)HIM.A mortgage adviser will charge you at least 450 pounds for something easily done yourself.If you do decide to smother your son in this fashion,get a good surveyor to view and evalluate the property first.I would let him go into rented digs,it,s more fun as well as character building.
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no disprespect intended, but can’t he contribute and pay rent, once he leaves uni, you are stuck with a 2nd home you have to be reponsible for, as he may want to spread his wings and travel, or work away. In buying the house you are in a way, tying him, and you to that area.
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I would advise you against it. I’m not going to preach about the risks involved since I sense you realise that already.
If you want to support your son, without the unnecessary risks, offer to help out by paying some or all of the rent on a room/flat or house?
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If you buy the house with a mortgage, you could rent out the spare bedrooms to other students and receive tax relief on the interest.
On the other hand, just purchasing a house for 3 years sounds like a lot of dead money in terms of agents fees, stamp duty, etc.
References :