Parent & young people jointly buying?

[TirednessOnToast]

Not sure if this should be in 'Property' or 'Money' section? Can a parent take out a small mortgage & 2 young people (18 & 21) provide some deposit from rhein savings & all 3 jointly own a small flat please?

You can have one person on a mortgage (aka you) and other names on deeds (aka your children).but some lenders dont allow names on deeds that are not named on the mortgage.
Do any of your children earn to be considered on the mortgage too? Some mortgages provide for 3+ applicants

Do you already own a property? If so HRSDLT will apply

@BezziebevNo they don't earn (& may not, they have SN). I wonder if there would be tax issues too? 8 might also need to ask in the money section?

No other property owned.

I would suggest speaking to a solicitor/conveyancer to find out any liabilities.

are these siblings, will they want to live together?
are you going to pay the mortgage going forward?

Think it's called joint mortgage sole proprietor. We did this - property was in dds name but mortgage had me and her on it. You'll probably need to speak to a specialist mortgage broker but I think Barclays did mortgages like this.

@Stillreadingalot Thank you this is really helpful. The idea would be for adult to pay mortgage, 2 yp to provide deposit & be on deeds/ mortgage too.
@PoppinjayPolly Yes, I think they would. At least for say 5-10 years. It would be a way of becoming more independent & then hopefully one could buy the other out or they could sell & buy 2 single flats if needed.

We were able to do this to avoid second home stamp duty. Only thing which caused a bit of an issue was that I was close to retirement so they wanted to know what my retirement income would be and whether I could afford the mortgage on that. We were on a fixed rate and dd remortgaged by herself when the fix ended as she was working by then.

@StillreadingalotThank you. I'll call a broker in the morning & ask for details now.

No problem - hope it all works out.

Try Barclays - they do something called Mortgage Boost which is similar to what we did.