ARCHIVE: Bank of Mum and Dad to fund 26% of mortgage payments in 2017
According to latest figures from Legal and General, Bank of Mum and Dad will stump up the cash for over a quarter of mortgage payments in 2017. The figures predict that parents will fund £6.7bn worth of money to help pay their child’s mortgage deposit. Making parents as important as the top 9th mortgage lender in the UK*.
What this means to home owners and First Time Buyers
Adam Nanson from Your Mortgage Expert comments:
“The research from Legal and General shows that the age group most likely to need help from their parents are those under the age of 30. And, the area where Your Mortgage Expert is based in the South West has the most generous parents with them funding £30,000 worth of financial support per transaction on average.
“Our experience echoes this, with lots of new clients who come to us struggling to get together a sizeable deposit and relying on the help of their parents in order to get on the property ladder.”
How Your Mortgage Expert can help
“With young people still struggling to find the finances to purchase their first home, it’s more important than ever that they get the most suitable advice when they start the process.
“At Your Mortgage Expert, we know the rules regarding First Time Buyer Mortgages. We have experience with advising on the various schemes available in order to help new buyers and how much deposit is required.
“By speaking to Your Mortgage Expert, you’ll get access to expert advice to help you work out how much you can afford to borrow, what your repayments would be and what type of mortgage is most suitable for your personal circumstances. And, if you need it, we can break down all the jargon so you understand whether to opt for a tracker mortgage, fixed rate mortgage or something more flexible.
“We don’t charge for the initial consultation, so by speaking to us, you are under no obligation. So why not get in touch and take that first important step?”
The information contained within this article was correct at the time of publication. It is intended for information only and should not be used as a basis for purchasing any products. We cannot be held responsible for something that was correct at the time but subsequently changes or goes out of date. For further information, contact Your Mortgage Expert on 01722 322683.
A MORTGAGE IS A LOAN SECURED AGAINST YOUR HOME. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE OR ANY OTHER DEBT SECURED ON IT.
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Tags: First Time Buyer