Can I get 100k?

[Cassimin]

My son has seen a house he would like to buy but has just started a new job.
I nearly own my own house ( worth about 350k but owe 17k)
I own a house worth about 90k that I rent out for £500 per month.
I don’t want to bring my home into any borrowing but don’t mind using the rental.
Is there any way I can help him out?
He’s got 10k saved.

Is your rental property owned outright now? Do you still work and what age are you? My dad owned mine and my brothers house and we rented it off him. He did need to release some equity from his house. Once he retired he could no longer get the mortgage renewed as apparently they didnt take pension income as income and so we bought them.

If I were you I'd call a mortgage advisor for advice.

How much is the house he wants to buy and what is his new salary?

Thanks for coming back so quickly!
His salary is around 24k per year, the house is 130k
We can probably scrabble round for some more for the deposit.
Yes the rental is owned outright, I bought it with money left by my dad, that’s why I don’t mind using that as I see it as family money.
I’m a foster carer, although I’ve had a regular income from this for 9 years I’m not sure it would be counted as income.

Oh, I’m 54

Assuming no other debt and a decent credit rating he should get £96kish mortgage. With £10k deposit he’s £24k plus fees short.

Given how low interest rates are could you take a loan rather than a new mortgage to gift him this?

Or release 45k from your rental, pay off your mortgage and give him the balance.

Great thanks, I was wanting to see if it was doable before I offered as I didn’t want him to get his hopes up if it wasn’t.
I’m guessing I need to contact a mortgage company with him.
Thanks for your help, you’ve given me some ideas and the confidence to go for it

Ps. What a lovely mum you are

I'm envious of your relatively affordable house prices. Round here £100k could be the deposit.

MLMsuperfan, it’s a real dooer upper but we’re thinking he’s only 22 so he’s got plenty of time to do it up!
Another one in the same road is 230k so it is a great opportunity.
Vetyveriohohoh Thank you, it’s so hard for the young ones now to get a foot on the property ladder so I think we all do what we can to help.
His older brother was really lucky and got a bargain as he bought our neighbours house but my others aren’t going to be that fortunate. He’s got a twin sister so I’m hoping we can help her too, it’s going to be tough for them. House prices are ridiculous now