Bank of Mum and Dad – Loan or Gift Consequences
Recorded on: 10/03/2020
Aim:
To discuss the fact that the Bank of Mum & Dad is the UK’s 10th largest lender and consider the advice clients need before embarking upon helping their children onto the property ladder
Outcome:
Practitioners will be able to discuss the practicalities with their clients
Agenda:
Introduction
- The importance of putting the arrangement into writing
- Tax considerations
- Asset protection
Options
- Buying a second property in parents’ names
- Purchasing a property jointly with their child
- Taking on responsibility for third-party mortgage repayments
- Gifting the child the funds to buy the property in their own name
- Lending funds to the child to purchase the property
- Using a trust to purchase the property
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