Xiamen Xilong Commodity Co., Ltd.
want to help your kids buy a home?
American humor writer Erma Bombeck once said, \"Children make your life important \", so when the tricky issue of giving your son or daughter money to buy their first property comes up, it will make a difference to do it in the right way.
My daughter wants to buy her first house this year.
I want to help her by withdrawing a portion of the deposit.
Although she has a savings record, will this affect her mortgage application, but my contribution will be about half of the required deposit.
Will the Bank also be pessimistic about this, and what tax impact will I have on donating money to her deposit? Would it be more efficient for me to donate her items to her new home? Like sofa etcAnnette-
You\'re Annette. what a good mother! First of all, [
You can give away your legacy while you\'re still alive].
The threshold from mother to daughter is currently € 310,000-anything that exceeds this amount will be subject to a 33% capital acquisition tax.
The current gift tax threshold is 3,000 euros per year for parents, although I am not sure if anyone will return the sofa and bed that parents gave them to their income!
Your daughter must prove where the deposit is generated and the potential income.
So no matter how much money you intend to give her, send it electronically from your bank account to her bank account so that there is a record.
Cash in brown paper bags ,[
Even a smooth brown wallet like the one below might be harder to track and prove it all! ]
Of course, you\'ll double your help with your daughter-most lenders now offer tiered mortgage rates . . . . . . The more properties you pay off, the lower the interest rate.
For example, KBC Bank\'s split-level interest rate on new borrowers and transferees-50% or less-is currently the best in the market if you open a current account with them, at 3%.
Up to 60% is 3.
The proportion of 05%, 60% or more and 80% or more is 3.
10%, compared with 3 for more than 80%. 5%.
The maximum threshold is 90% loans.
For example, if she stays at home all the time and pays for her own life, just attending parties and maintaining her own luxury, then she may be surprised when these repayments start!
Lenders like to see some regular savings, precisely for this reason-which is not a shock to the system.
This is good in the case of your daughter.
She must also comply with the income requirements for applying for a loan.
There are two methods used-multiple method (
Total annual income of up to 3 times)
Or net disposable income (NDI)method (
Net amount of your monthly tax-all financial monthly commitments must not exceed c.
35% of your NDI-65% of the balance is quality of life)
She also needs independent advice on life insurance-home loans are mandatory once you\'re under 50.
A simple diminishing term should fit-this will only pay the mortgage balance at the time of her death.
Only when the family arrives should she consider taking an additional position --
Separate life insurance.
Being single and having to rely on her own income to pay for everything could prompt her to consider income protection.
If, for whatever reason, she is unable to work and has no capacity, the mortgage still has to be paid.
This insurance pays 75% of her monthly income, minus any social benefits before she returns to work or the pension begins.
There are several options, but the premium paid attracts tax relief-this is the only one in the non-
Distributable life insurance in the pension plan-calculated at her marginal rate.
It is worth considering, but it must be budgeted.
Construction insurance is also required and the lender\'s interest is indicated on the policy.
She may want to know what little furniture and personal items she has.
This can be incorporated into the insurance policy.
In all cases, she should go around for this.
Shopping around should also include legal fees-just because of this, so if your family is more expensive, it\'s no longer acceptable to take care of them over the years.
Better in her pocket!
Good luck to both of you.
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