- Wed 10 Nov 2021
As the housing market has continued to soar this year, getting on to the housing ladder has proven to be progressively harder for the younger generation. With the impact that Covid 19 has had on many, the lack of income and rising housing prices haven’t mixed well for first time buyers.
The Bank of Mum and Dad is a source that many first time buyers are having to lean upon in order to make their first steps on to the property ladder, that’s if you are lucky enough to have an account open. According to Savills, almost 50% of first time buyers are using funding from The Bank of Mum and Dad for their house purchases. As the market continues to remain hot, there are no signs of the figure plummeting in terms of first time buyers having to seek help from The Bank of Mum and Dad.
Although, for many families, if they are in a position to help, they will do everything that they can to do so. Darren Ellis, Group Sales Director comments “Over the last 18 months, due to Covid 19 families have had to come together to help each other out in a variety of different ways. When you have the opportunity to financially help your children achieve a huge milestone in their life, more often than not it is a pleasure to be able to help and so you grasp it. Bradleys Estate Agents have a number of Mortgage Experts, who regularly help homebuyers source a mortgage where the deposit comes from parents and other relatives and so I would strongly advise speaking with them if this is something you are considering.”
If you’re loved ones are aiming to purchase their first property and are in need of some help, our Mortgage Team would be more than happy to talk you through the processes of your personal situation and how through a re-mortgage you may be able to release extra capital or whether becoming a guarantor may be more suited. To contact our experienced Mortgage Team, who are located throughout the region, although can help you wherever you are located through video appointments, telephone or in person experts by contacting 01395 222 391 or visit here for more information.