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Did you know that in 2017, the Bank of Mum and Dad will become the UK’s 9th biggest lender?
Research undertaken by Legal and General, in association with CEBR the economics consultancy, indicated the increase in the number of parents funding their children’s property purchase is the result of a range of factors; including rising house prices, slow wage growth and the size of deposits. And geographically, parents in the South West of England on average contribute the most per transaction, even more than in London.
This trend isn’t expected to slow down. So, how can we help you improve your child's chances of stepping onto the property ladder?
By gifted deposits: We allow family members to gift a deposit sum to help a young person make a property purchase.
Additional borrowing on the family home: We don’t discriminate by age. Being retired or of older age does not mean you are not able to release equity from your property. We give you the flexibility to take out a mortgage and gift the funds to your child.
Joint mortgage – Sole ownership: We can help you obtain a mortgage jointly with your child but name them on the contract. This means you do not have to pay second home stamp duty costs.
Help to Buy and Shared Ownership: We are experts on many government schemes currently on offer and can provide expert advice on which is best before purchase.
If you would like to discuss any of these options in more detail, please call us to book an appointment in your local branch or by telephone.
*According to research from the Social Mobility Commission, parents now part-fund 34.1% of purchases, up from 20% seven years ago.