Supporting First Time Buyers

In today’s market, the gap between earnings and house prices means that most young first time buyers are far less likely than their parents were, to be able to afford to buy their own property.

Naturally, when they can, parents are stepping in to help. The number of young professionals relying on their parents’ finances to buy their first property has rocketed over the last 20 years. The “bank of mum and dad” has become part of our everyday vernacular.

We appreciate, however, that many parents are not always in a position to support their children financially. Alternatively, some young people are not comfortable accepting this support. Which is why we help families find alternative solutions. For example, parents can use their own property as collateral, they can act as mortgage guarantors, or both generations can take out a joint mortgage and informally agree the repayments.

Typically, mortgage products designed to help get your loved ones on the property ladder tend to be more complicated than standard mortgages. So we not only find the right deal for your family finances and circumstances, but we also ensure that everyone – parents, children and any other family members involved – understands exactly what the arrangement entails, including all the pros and cons.

For more information, simply call us on 020 7709 5560 or complete the online contact form.

Your home may be repossessed if you do not keep up repayments on your mortgage.