Paying a son's mortgage

V

vancouver

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Our son may have difficulty paying his mortgage for a few months. Can we his parents pay it for him please?
 
Yes you can. I'd suggest the simplest way of arranging this is to transfer the required amount into his bank account shortly before the mortgage repayment is deducted.

Be aware of Gift Tax but you can give him €3,000 per year without any implications in that regard.
 
LDFerguson said:
Yes you can. I'd suggest the simplest way of arranging this is to transfer the required amount into his bank account shortly before the mortgage repayment is deducted.

Be aware of Gift Tax but you can give him €3,000 per year without any implications in that regard.
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The revenue say that €3000 is the total that can be given by one person, therefore I would presume each parent can give €3000 each, making a total of €6,000.

Also, tip to OP - make the payments monthly to his account as a contribution to the mortage rather than the full amount, even on social welfare a small amount can be set aside for mortgage.
 
vancouver said:
Our son may have difficulty paying his mortgage for a few months. Can we his parents pay it for him please?
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You have the best of intentions. If however it is a hopeless case than don't throw money away. If he can get through this bad patch with your help then by all means help him.
 
Thank you for that advice. Don't think it will be a hopeless case but we'll keep a very watchful eye !
 
Just to make double sure please ensure your funds are actually in his account a few days before the mortgage payment comes through
 
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