WWYD?

[moggiek]

DSs 1 & 2 both property owners (with mortgages). DS3 has been a bit of a slow starter, but now has found a job that he loves. He makes enough for monthly mortgage repayments, but not enough to get a decent deposit together/persuade a bank to give him a mortgage.

I am far from rich, but could afford a 20K deposit on a flat (in Glasgow a decent one can be bought for 100K). I am 54, and work full time. DH and I are at last mortgage free, and he is dead against remortgaging this house.

I suppose what I'd like opinions on are:

Would it be a good idea to buy a property on which DS3 will pay the mortgage, then buy when he is able;
Would I even get a mortgage at my age?

I'm not sure I understand your question? Could you not give/loan the £20k to your son and he take out the mortgage?

Her son can't get a mortgage as he doesn't earn enough to convince the bank.

I would, he could pay you the monthly instalments and eventually take over the loan. You need to convince the bank that you can afford the repayments into retirement I.e. pension income etc.
You could do a buy to let with him as your tenant as they take rental income into consideration for that but the lending rates are more expensive.
Try a broker, they don't charge fees and have access to way more products than going to a single bank.

And that's very kind of you, my dad did that same thing for me when I was 21 and what a difference it made to me.

Thanks, Purple. I hadn't thought about a broker.

Sorry, speed-read the OP

Goodness knows what the property market's going to do, but what parents usually do in this situation is guarantee their child's mortgage, not take out the mortgage themselves. You'd be guaranteeing to stand behind him and pay up if he ever defaulted on the loan. It's not the same as remortgaging your own house - a subtle distinction, but it might make your husband feel more comfortable with the idea. My parents did this for me when I bought my first place, and I'm very grateful that they did.