Possibly...
here's one I built earlier:
The upper floor is of course obviously the most expensive.
- Visitors can check out the Forum FAQ by clicking this link. You have to register before you can post: click the REGISTER link above to proceed. To start viewing messages, select the forum that you want to visit from the selection below. View our Forum Privacy Policy.
- Want to receive the latest contracting news and advice straight to your inbox? Sign up to the ContractorUK newsletter here. Every sign up will also be entered into a draw to WIN £100 Amazon vouchers!
Reply to: It's here.
Collapse
You are not logged in or you do not have permission to access this page. This could be due to one of several reasons:
- You are not logged in. If you are already registered, fill in the form below to log in, or follow the "Sign Up" link to register a new account.
- You may not have sufficient privileges to access this page. Are you trying to edit someone else's post, access administrative features or some other privileged system?
- If you are trying to post, the administrator may have disabled your account, or it may be awaiting activation.
Logging in...
Previously on "It's here."
Collapse
-
What happens when the parents are still alive but the kids get married etc. Does everyone still stay in the one house, or do the kids move out, buy another house which is then 'in-debted' to their kids, while they have to pay off the old folks one?
Starts to sound like the beginings of a pyramid scheme to me.
Leave a comment:
-
I think the kids have to agree to it first and be on the agreement...
You'd have to be insane though. I think they should have a mortgage that never gets paid off EVER. It sits with £5 a month to go forever, then the mortgage company transfers the mortgage to someone else when you pop your clogs if you want to do it that way.
Leave a comment:
-
I can see this used as a method of avoiding HT.
100% mortgage. Give proceeds to kids. Retain enough in savings to fall just below the threshold. USe this to service the mortgage.
Ok this really is dependant on cercumstance but it is a great avoidance measure. You have to live 7 years afterwards.
Mother-in-law is trying to sort out her finaces at the moment.
Reminds me of the bumper sticker
Be nice to your children, they will decide what care home you go to!!!!
Leave a comment:
-
Depends on the situation, if the kids have left home then what's the problem. Pay up or sell up, easy.
I agree that anyone taking out one of these in the expectation that the kids will still be living in it after they pop their clogs is looking for trouble.
Leave a comment:
-
Japan built a "stable" economy based on debt, and have suffered 15 years (and counting) of sh1t since it started unravelling. You'd think we would learn the lesson.
Leave a comment:
-
Originally posted by sasguruBut what happens if the kids don't want the "inheritance"? They can't be forced to pay surely, so who will?
This does nothing to help anybody. If people borrow more in this way, the prices will go up to compensate and we'll be back where we started but with even higher debts.
I'd make this illegal.
Leave a comment:
-
But what happens if the kids don't want the "inheritance"? They can't be forced to pay surely, so who will?
Leave a comment:
-
Leaving debt to your offspring has been in place in Japan for some time.
The Sins of the Father ....
Thank goodness I dont have debts nor children !
Leave a comment:
-
Originally posted by DimPrawnhttp://news.bbc.co.uk/1/hi/business/5277838.stm
A mortgage which allows parents to leave their homes and home loans to their children has been launched by the Kent Reliance Building Society.
The "Inter-generational mortgage" would allow homeowners to take out an interest-only mortgage - and pass on both repayments and home when they die.
But the beneficiary would be left with a large debt, since only the interest on the loan would be paid off.
Some experts suggest that the mortgage could cut inheritance tax bills.
I can see this being a big hit and combined with uncontrolled immigration lead to a never ending property boom.
Buy the house of your dreams that you could never afford to pay off and then leave all the debt to your "lucky" children.
I'm taking my money with me! The kids can look after themselves......I had to
Leave a comment:
-
It's here.
http://news.bbc.co.uk/1/hi/business/5277838.stm
A mortgage which allows parents to leave their homes and home loans to their children has been launched by the Kent Reliance Building Society.
The "Inter-generational mortgage" would allow homeowners to take out an interest-only mortgage - and pass on both repayments and home when they die.
But the beneficiary would be left with a large debt, since only the interest on the loan would be paid off.
Some experts suggest that the mortgage could cut inheritance tax bills.
I can see this being a big hit and combined with uncontrolled immigration lead to a never ending property boom.
Buy the house of your dreams that you could never afford to pay off and then leave all the debt to your "lucky" children.Tags: None
- Home
- News & Features
- First Timers
- IR35 / S660 / BN66
- Employee Benefit Trusts
- Agency Workers Regulations
- MSC Legislation
- Limited Companies
- Dividends
- Umbrella Company
- VAT / Flat Rate VAT
- Job News & Guides
- Money News & Guides
- Guide to Contracts
- Successful Contracting
- Contracting Overseas
- Contractor Calculators
- MVL
- Contractor Expenses
Advertisers
Contractor Services
CUK News
- Streamline Your Retirement with iSIPP: A Solution for Contractor Pensions Sep 1 09:13
- Making the most of pension lump sums: overview for contractors Sep 1 08:36
- Umbrella company tribunal cases are opening up; are your wages subject to unlawful deductions, too? Aug 31 08:38
- Contractors, relabelling 'labour' as 'services' to appear 'fully contracted out' won't dupe IR35 inspectors Aug 31 08:30
- How often does HMRC check tax returns? Aug 30 08:27
- Work-life balance as an IT contractor: 5 top tips from a tech recruiter Aug 30 08:20
- Autumn Statement 2023 tipped to prioritise mental health, in a boost for UK workplaces Aug 29 08:33
- Final reminder for contractors to respond to the umbrella consultation (closing today) Aug 29 08:09
- Top 5 most in demand cyber security contract roles Aug 25 08:38
- Changes to the right to request flexible working are incoming, but how will contractors be affected? Aug 24 08:25
Leave a comment: