IMAGINE being able to present your child with a gift of £100,000 on their 18th birthday? While this might sound like a pipe dream, it can be achievable. Sarah Tucker, founder and managing dir…
The CeMAP Qualified Mortgage Broker revealed some parents want to be able to save £100,000 so they can buy a house for their kids when they turn 18.
“For one, they need a substantial deposit! We have seen parents gifting deposits to their children now more than ever before. Money is hugely emotive, and truthfully it can change your life. It can make things feel more difficult, and it can equally make things feel lighter and more joyful."SORT YOUR OWN RELATIONSHIP WITH MONEY FIRST
She said: “A buy to let property can prove a very worthwhile investment for your children’s future. You need a 25% deposit to get started, but it’s easier than people think.“Take the time to learn about how you can grow your money pots in different ways, or invest in an expert to help you.” She said: “And open child ISA’s too. You can also invest in a Lifetime ISA when you’re 18 and over, and the Government will add a 25% bonus to your savings.With premium bonds, there will be no interest earned and instead, you’ll be entered into a prize draw every month where you can win up to £1 million tax-free.The Mortgage Mum and money expert also reiterated that the education around money is just as important as the money itself. The Mortgage Mum believes schools need to teach this.
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