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  #41  
Old 13.11.2015, 19:45
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Re: Would you take a mortgage- to help you children?

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Agreed- but what made me think, is that having a mortgage in Switzerland is tax deductible- so in that sense... it would make some sense! Not if parents own in the UK though.

Borrowing in CHF to lend in GBP is not always a good idea.....
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  #42  
Old 13.11.2015, 19:47
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Re: Would you take a mortgage- to help you children?

why not? much better than t'other way round surely.
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  #43  
Old 13.11.2015, 19:52
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Re: Would you take a mortgage- to help you children?

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You do talk tosh sometimes- but I am so glad your life has been absolutely perfect dear.

My 42 year old is doing VERY VERY well, I can assure you!
I am sure if you had been my mother you would have been bitterly disappointed, elder son gets a scholarship to Cambridge, younger son who is badly dyslexic leaves school after 1 term of A levels. I was financially independent by 20, earning substantially more than my father, luckily I did not take my parents advise to stay at school.
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  #44  
Old 13.11.2015, 19:54
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Re: Would you take a mortgage- to help you children?

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why not? much better than t'other way round surely.
Your income is in GBP, so it would be sheer madness. Then of course you think your much cleverer than I am
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  #45  
Old 13.11.2015, 19:59
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Re: Would you take a mortgage- to help you children?

Hey- don't make it personal this is silly, truly. BTW it is possible to go to Uni and do VERY VERY well later too... thank goodness I was not your mother then, lol (that goes both ways... although I do believe I wouldn't have encouraged a child who is severely dislexic to to go Uni at all- but that is another story).

As said, talking about the basic principle of a mortgage here, where it is tax deductible- but you are right, with a Swiss salary not a UK pension.
But if someone has Swiss income, it would make sense surely, to lend in UK where borrowing rates are higher, and the money generally goes further (not in London or Surrey though)...

No intention of doing so ourselves- but I thought the article was interesting and wanted to sound you lot out.
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  #46  
Old 13.11.2015, 20:10
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Re: Would you take a mortgage- to help you children?

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Hey- don't make it personal this is silly, truly. BTW it is possible to go to Uni and do VERY VERY well later too... thank goodness I was not your mother then, lol (that goes both ways... although I do believe I wouldn't have encouraged a child who is severely dislexic to to go Uni at all- but that is another story).

As said, talking about the basic principle of a mortgage here, where it is tax deductible- but you are right, with a Swiss salary not a UK pension.
But if someone has Swiss income, it would make sense surely, to lend in UK where borrowing rates are higher, and the money generally goes further (not in London or Surrey though)...

No intention of doing so ourselves- but I thought the article was interesting and wanted to sound you lot out.
My brother did very well eventually, PhD, then 5 years as a Don at Cambridge & finally become a partner at Goldman Sachs before floatation so yes it's possible.

Ideally you should have a loan in the currency of both the asset & income. Many people have taken out cheap foreign currency CHF mortgages over the last 30 years & regretted it.

You might well want the equity in your house for care before you call on Exit. Remortgaging to buy a kid a house is foolish.
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  #47  
Old 13.11.2015, 20:16
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Re: Would you take a mortgage- to help you children?

I did ask you not to make it personal- this is a general request for comments on the article I quoted. Thanks. Among friends and family, I am fully aware that there are many many routes to success, or disaster- and that 'success' is a very vague concept- and neither academia nor 'big' money is required.
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  #48  
Old 13.11.2015, 20:21
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Re: Would you take a mortgage- to help you children?

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I did ask you not to make it personal- this is a general request for comments on the article I quoted. Thanks. Among friends and family, I am fully aware that there are many many routes to success, or disaster- and that 'sucess' is a very vague concept- and neither academia nor 'big' money is required.
If being successful includes needing parental support in your 40's to buy a house, I think thats stretching my understanding of the word successful.
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  #49  
Old 13.11.2015, 20:31
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Re: Would you take a mortgage- to help you children?

I wont take a mortgage for my children, but if in UK, I might put money in and register a charge with land registry.
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  #50  
Old 13.11.2015, 20:57
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Re: Would you take a mortgage- to help you children?

I would not take a mortgage for my kids - in fact I doubt if we would be able to do that, as we may be resident in a different country to the one where said mortgage will be taken! But we may consider helping them with a loan, with a proper contract in place.
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  #51  
Old 13.11.2015, 21:00
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Re: Would you take a mortgage- to help you children?

You are being just daft now - truly. My eldest bro was in the first batch of PhD in Information Technology at Grenoble Uni, 1966- when most of us didn't know what a computer was. Perhaps the most intelligent person I know (and I am lucky to know many) - but he certainly didn't make money out of it- very successful as an academic though, and as a human being. That's ok. Same for my hugely talented cousin who is a sculptor. Whereas anotehr close relative is a multi-millionaire, and never had a job- she bought, did-up and re-sold houses all her life- not a A'Level to her name- certainly did much better financially compared to her very clever brother who worked like a dog to become a GP, that is for sure, and who refused any private work as he was so dedicated to the NHS. And that's ok. Takes all sorts, and many many routes. And sometimes **** happens, at any age, and your life suddenly changes- and you have to dust yourself and start again- and some help is never asked for, but could make a big difference long-term. In this family, as in many. And sometimes there is a bad apple- not in this case though- but I know a few too.

As said- this is an hypothetical discussion- re the article. Keep it that way please.
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  #52  
Old 13.11.2015, 21:08
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Re: Would you take a mortgage- to help you children?

My 25 year old daughter and her boyfriend have just bought a house in AG, well, sort of.

Actually his father bought it (35% down, so interest only fixed mortgage), and they pay the mortgage and other expenses.

But it's still his, not theirs, but at least they have a house, at half the rental price.

Win-win.

Tom
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  #53  
Old 13.11.2015, 21:13
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Re: Would you take a mortgage- to help you children?

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You are being just daft now - truly. My eldest bro was in the first batch of PhD in Information Technology at Grenoble Uni, 1966- when most of us didn't know what a computer was. Perhaps the most intelligent person I know (and I am lucky to know many) - but he certainly didn't make money out of it- very successful as an academic though, and as a human being. That's ok. Same for my hugely talented cousin who is a sculptor. Whereas anotehr close relative is a multi-millionaire, and never had a job- she bought, did-up and re-sold houses all her life- not a A'Level to her name- certainly did much better financially compared to her very clever brother who worked like a dog to become a GP, that is for sure, and who refused any private work as he was so dedicated to the NHS. And that's ok. Takes all sorts, and many many routes. And sometimes **** happens, at any age, and your life suddenly changes- and you have to dust yourself and start again- and some help is never asked for, but could make a big difference long-term. In this family, as in many. And sometimes there is a bad apple- not in this case though- but I know a few too.

As said- this is an hypothetical discussion- re the article. Keep it that way please.
I believe people should not live above their means, UK Average house price is £184,454 (land registry so sales that went through) or £281,172 ( Rightmoves average for sale asking prices) Government will guarantee 10% & give an interest free loan for 5 years so just a 5% deposit is required. If someone in their 40's, can't find a 10-15k deposit you should not be helping them as they are financially illiterate.
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  #54  
Old 13.11.2015, 21:19
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Re: Would you take a mortgage- to help you children?

Fatmanfilms, you are obviously letting your head to the talking. Sometimes the heart is just a bit stronger. Some decisions seem difficult to accept from our point of view, but if they work for the people involved, who are we to judge!

Live and let live
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  #55  
Old 13.11.2015, 21:26
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Re: Would you take a mortgage- to help you children?

Perhaps I am right in thinking FMF is not a parent either....
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  #56  
Old 13.11.2015, 21:31
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Re: Would you take a mortgage- to help you children?

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Fatmanfilms, you are obviously letting your head to the talking. Sometimes the heart is just a bit stronger. Some decisions seem difficult to accept from our point of view, but if they work for the people involved, who are we to judge!

Live and let live
Pensioners should not feel obliged to take on liabilities that there very successful but financial incompetent middle aged children can't handle on their own. No doubt those same highly successful kids have owned more than 1 new car in their lives, either leased or bought on credit. It's going to end in tears, I can't understand how their parents can't see the risks involved.
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  #57  
Old 13.11.2015, 21:33
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Re: Would you take a mortgage- to help you children?

Is an interest-only mortgage more profitable than a fixed one or a combination? I must look into this.
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Old 13.11.2015, 21:40
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Re: Would you take a mortgage- to help you children?

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Perhaps I am right in thinking FMF is not a parent either....
Perhaps I chose to be financially responsible, when working in an industry that income was highly unpredictable.

Looks like my fiancé's parents think I may pick up their care bill's , they have enough equity in their house, they can look after themselves.
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  #59  
Old 13.11.2015, 21:54
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Re: Would you take a mortgage- to help you children?

well, they can just go and live with you - ahhh lovely- and you can get the equity

me, I'm never going in a care home, punkt schluss. If I need care, it will be in my own home, and not by my children- who have their own lives to live.
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Old 13.11.2015, 22:01
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Re: Would you take a mortgage- to help you children?

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well, they can just go and live with you - ahhh lovely- and you can get the equity

me, I'm never going in a care home, punkt schluss. If I need care, it will be in my own home, and not by my children- who have their own lives to live.
No thanks, they can spend every penny they have on themselves, I & my fiancé don't want a cent.

My mother is living in her own home with her own carers, costs about £60,000 a year, she had staff as a kid & is in her element, no hurry to give up the pampering. She has forgotten that she should be in pain, the joy of dementia.
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