Dilemma on Borrowing Family Money.

Everybody is saying no, they wouldn’t do it.

What if the boot were on the other foot, and DS were asking mum and dad to lend him the money to buy a property, to be repaid when he sells?

I bet many of you would say yes, if you could afford it and it would help him move.

Most people manage to do it the usual way.

There is no right or wrong answer

It depends on your relationship with him and the family dynamics

Another point to take into account is how easy it would be to have the money transferred from Australia to UK - what the financial implications?

No, sell and then buy.

No I wouldn’t do it. You do have a while to sell your existing home after buying a new one (used to be a year but I believe it’s changed) but for stamp duty purposes you will be buying a second home so will pay more duty though you can reclaim the excess if you sell your old home within I believe three years. These things do change though and of course you will be paying outgoings on two properties.
But I really wouldn’t want to put my son in this position and use him in this way. I think it’s unfair no matter how well he’s doing.

Personally I wouldn’t do it, why not sell your home and rent until a property you loves pops up and you will be a cash buyer.

Just a thought, but won’t you have to pay capital gains tax if you move your primary residence from your existing home to an apartment?

Like Smileless, I wouldn’t. Just be a bit patient……another apartment will come along …..just don’t involve your son in this , however ‘well off’ he is ….

no it's not something we would do but that's just a personal point of view.