Are you a parent or relative wanting to help your family to purchase their first home in the Cambridge area? As local mortgage brokers we are seeing an increase in the number of parents helping or wanting to help their children take their first step on the property ladder.
In 2018 over 310 000 first time buyers were given a helping hand by family members to purchase their first property. Financial support was provided by receiving a monetary ‘gift’ for the deposit on their purchase. A financial ‘gift’ means a non-repayable transaction, with the family member holding no financial interest in the property. We know that not all families have savings, investments or assets that they can afford to ‘gift’ to their family.
As a mortgage brokerage Limetree advisers are fortunate enough to have access to first time buyers mortgage lenders that understand families may have assets to support their family but can’t afford to offer these as a gift. There are a number solutions to enable families to support their children taking that first step onto the property ladder. This could include utilising an additional stream of income, offering property or assets as security, or fixing savings into a security deposit account.
Certified mortgage brokers have the capacity to look at flexible financial solutions. We are regulated by the Financial Conduct Authority, meaning we maintain compliance to provide peace of mind to our clients. With decades of experience our team of mortgage experts can advise and arrange first time buyer mortgages that take account of your personal circumstances, we are able to secure mortgages that are best fit rather than one size fits all. For advice and support please contact us today.
Mortgage & Protection Advisor