As much as we loved that Dire Straits song back in the day, there’s no such thing as money for nothing - especially when it comes to your kids! In this episode, I explore the topic of ‘The Bank of Mum and Dad’, and 6 of the most common ways parents are supporting their kids into the property market. I will discuss things like whether to ‘gift’ or to ‘loan’ your kids the money for a deposit, and the things you need to consider about these two options. We look at going guarantor, covering upfront costs or even buying a property together. Each one comes with things you’ll want to understand before jumping in. Very importantly, before you hand over money, sign on as a guarantor, or share property ownership, it’s so important to understand your own financial position. I’ll talk you through what to consider so that any help you give is thoughtful, sustainable, and doesn’t come at the expense of your own security. Just remember – money isn’t for nothing! The support you give your kids has impacts both you and them, and it’s okay to take a step back and make sure you’re in the right position to offer it. Because… Your Money Matters.
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36 分