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Three tips to help your children or grandchildren buy a home

Property prices in Belgium are continuing to climb. Are you wondering whether your children will be able to afford a home? That's normal. According to a Profacts survey, this is the main concern of 20% of Belgians aged 40 to 59. What can you do to help your children become homeowners?

Although mortgage rates have never been lower, apartment and house prices have risen sharply in recent years. Buying or building a home is not within everyone's budget.

Our expert's three tips

Do you want to give your children or grandchildren the means to become homeowners one day?

Here are three tips from Tim Spellemans, a mortgage expert at BNP Paribas Fortis:

• Encourage your child to open a regulated savings account on their 18th birthday and make monthly deposits into it.
• Examine, with the help of an advisor, whether it’s right for your child to start saving for the long term through a Home Invest Plan, and make your own contributions to it as well. This plan can offer tax benefits, and the money saved can be used to pay for an outstanding balance insurance policy.
• Give your child a portion of the property’s purchase price. You can even specify that the money can only be used to buy a home. Seek advice from a notary on this matter.

Want to know more? Discover all the tools available to guide your children on the path to financial independence.
Are you wondering how to get a mortgage and become a homeowner? Find out everything you need to know about which steps to follow.

Ask Your Bank 

BNP Paribas Fortis wants to help you see things more clearly when it comes to managing your money. That's why we asked over 1,000 Belgians about any questions and concerns they had. With our Ask Your Bank series, we address those questions and concerns in a fully transparent way.