DS has got lump sum - how can we help him make the most of it

[housebuyingquestion]

I've NC for this as some info is identifying.

DH and I own a house overseas which due to various factors isn't likely to sell anytime quickly.

We have combined income of around £60K and no mortgage to pay on the overseas property.

However unless we sell it we are not in a position to buy here in the UK (no deposit) so are paying rent (have been for two years) - we are saving for a deposit but DS is at uni and we are also paying off credit cards to ensure we have a good credit rating - so most money is committed to that.

Anyway DS has been gifted £45k by his DGF which is currently sitting in his savings account. DS is 19 years old.

We would NEVER consider asking DS for money as a deposit - that's not my WWYD - my question is should we use our expendable income to help DS buy a house (eg: be on mortgage together?

TBH one of our main reasons for wanting to buy in UK is so that DS (only child) has some inheritance from us - he would already have house abroad if that doesn't sell and likely property from DGF. If we bought in UK (once we had deposit) he would inherit that property.

For info I am getting close to age (48 now) where getting a mortgage may be tricky - DH is unlikely to get one at all as he is in his sixties. So imagine it will be a financial plan with DS and I.

DS is very good with money and has already indicated he thinks property would be best investment.

So does anyone have any suggestions as to the best way he can invest his money and how we can help?

Our lack of deposit situation is a separate issue- but highlighting this to show that DH and I don't have mortgage/property here so may be harder to act as guarantor or get Buy to Let property for DS.

Thanks

I'm no expert, so you should check with someone who really knows, but my understanding is that the new tax applies if any of the purchasers of the property own another property - I interpret it as based on the ownership of the house, so if you were just a guarantor rather than a co-owner, then you should be OK.

Thanks Sablepoot - that's what I thought, but will get expert advice too.

Wannabeestressfree - thanks for your kind comments; it's hard trying to do what's best isn't it?! Good luck with plans for your DS

You son might need the money for himself soon enough so I would not want to use his money.

I think your DS should put the maximum amount (£15k I think) into a Help To Buy ISA, which he needs to do asap and before 5 April (the end of the tax year). Then on or after 6 April, the allowance will be reset so he can put another £15k or so in the ISA. He should put the rest into a savings account with the best interest rate he can find. Then sit tight until he graduates and gets a job. Then he can buy a house and get a mortgage himself.

This. In spades.

It sound very complicated and full of potential difficulties, mixing your sons deposit and the thoughts of an investment but also cheaper accommodation for you.

Houses are illiquid. I would second the advice to put it into an ISA.

The help to buy isa is ending but there is a new lifetime isa to replace it.