The Bank of Mum and Dad
Did you know, over a quarter of parents in England help their children onto the property ladder either from savings or by releasing equity from their own homes?
Help to Buy has helped so much in the last 5 years, allowing families and individuals to make their first or second step onto the property ladder. This Government run scheme lends you up to 20% of the cost of your newly built home, so you could only need a 5% cash deposit and a 75% mortgage to make up the rest.
Struggling with the 5% deposit? Why not try the bank of Mum and Dad. If parents or grandparents have a large amount of equity in their home or own it outright, it may be possible to re-mortgage it and gift the money released to family members.
A new home is a great investment, especially with a private developer such as Pentland, where you can have the confidence that your child’s first or second step on the housing ladder is one of quality.
For more information on how you can release equity from your home to help your children please contact a Financial Adviser of your choosing or our recommend Financial Advisers, Derngate Wealth on 01604 633253.