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The Guardian - UK
The Guardian - UK
Business
Virginia Wallis

Can we put up the money for our son to buy a house at auction in his name?

Lisa
Houses in south-east London.
If the reader’s son buys a house at auction, the price will need to be paid within 20 days. Photograph: Ultraforma/Getty Images/iStockphoto

Q Just wondering if you can help settle a matter regarding helping our son to buy a house. He is 26 years old, currently renting and looking to buy a house using savings, a lifetime Isa (Lisa) and some help from us.

We have seen a house that is going to be sold at auction. The guide price is £130,000 but we expect it to go for more. It will need extensive work, which we estimate will cost in the region of £30,000 to £40,000. Once renovated, we think it will be worth £250,000.

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