Can I Buy A House In My Child`s Name

If you child is under 18 then any property you buy must be put in a trust, with you as the trustee if your child is over 18 you can help your child buy the property with the use of a gifted deposit, this is where you give your child the money (this must be a gift, not a loan) and they then purchase the property with the mortgage in their name, it is important to note it is them who will be responsible for the mortgage payment and they will own the property and you will have no claim on the property.

Another option is a springboard family mortgage, again the property will be owned by your child but you are able to use your saving account as part of the deposit without giving this money to your child.

Another popular option for a parent and child to purchase a together is a joint borrower sole proprietor, again the house will be in the name of your child but you will also be listed on the mortgage.

If you are considering purchasing a house in your childs name, please consider the house will be owned by your child, for more information on the mortgage options please contact First Choice and speak to one of our mortgage advisers who will discuss the different options available to you.

A Few Ways To Make Sure Your Personal Finances Are In Order Organising your personal finances can be an important part of your life. You need to do all of your research so that you don’t wind up losing a ton of money or even losing out on expenses that you need to cover. There are some tips listed below to help you begin.

If you must move in with a family member to reduce expenses and save money. Make the best of the situation and save, save, save. It may be tempting to blow your paychecks on nights out or other frivolous things, but you could be saving for a few months’ rent, a car, and other things that can get you back out on your own.

If you are looking for an easy way to improve your finances, you should stop buying brand new cars. Buying a slightly used car every time, will save you money because you will know which models are good. Cars depreciate a great deal, the second they come off the lot, anyway.

If you want great personal finances, you need to keep a positive attitude, even if you make a mistake. If you have a poor attitude, it will be very difficult to take the actions that you need to take to recover. A positive attitude will keep you focused on the fact that a mistake can be overcome, if you try.

If you are backed up with your finances, push off the remodeling job that you are planning to do around the house. Even if this is something that is part of your plan, you must learn to reduce these miscellaneous expenses, so that you have money for the important bills and necessities.

Set up any bills that you can to be directly withdrawn from your current account. This will assure that they are always paid on time as long as you have the available funds in your current account that is needed to make these payments. It is easy to set up and will save a ton of time and money in late fees.

Organising your personal finances can be very rewarding, but it can also be a lot of work. Regardless if you know what to do and how to organize your finances smarter, you can have a better financial future. So, do yourself a favour by doing your research and applying the above tips to your personal finances.

Mortgages & Remortgages 8.4% APRC. Representative Example: Borrow £120,000 over 25 years at 5.99%, £778.86 pcm fixed for 3 years at 60% LTV. Then at 8.75%, £974.86 pcm, variable for 22 years. Total payable £286,416. Total cost of credit £166,416 (including: £985 broker fee, £999 lender fee & £164,432 interest)

Late repayment can cause you serious money problems. For help, go to moneyhelper.org.uk

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