Mortgage Advice for First Time Buyers, First Time Buyer Mortgages and First Mortgage Advice

First Time Home Buyer Guide

How Parents Can help First Time Buyers

It's a fact that the high property prices in the UK are preventing first time buyers buy their first homes. In over 50% of cases, first time buyers are receiving some sort of financial help from parents. Parents can help with the deposit and with the mortgage.

Much can be done to help grown up children buy a first home - without breaking the bank or significantly impacting on parents' own finances; there are a good deal of innovative mortgages around to help you all out too. See our table of best first time buyer mortgages (for parents too!).

The best course of action at this point is to consult a mortgage advisor who can let you know what the latest best offers are for parents helping their children out with the mortgage or deposit - or both! New types of mortgages involving parents support or guarantee come onto the market all the time - even now.

The chances are that you can help your child or grand child with a deposit for their first home by accessing equity tied up in your own home - or maybe in other ways. There is more detail in our guide (links below) but essentially we recommend you seek speak to an advisor about equity release, remortgaging or  if you are worried about your credit history, find out more about secured loans. Probably the most common way of helping your child is by taking out a personal loan (unsecured)  in order to make a gift or loan to the child. Why not request a quote for a loan?

This FirstRungNow guide shows how parents can help their grown up offspring buy a first home. It covers financing, taxation and legal issues.

Find Information about Parental Help for First Time Buyers in our guide: 

Helping with a deposit l Helping with the mortgage l Making a gift  l Tax Implications of parents helping children l Legal Implications  of parents helping children l Seeking out the right financial advice

Useful advice and quotes links:

Most useful and most popular pages on this site:

Look for your First Property l Seek First Time Buyer Mortgage Advice l See our Best First Mortgages Comparison Table l Find out about First Time Buyer Mortgages l Find out How to Buy a House l Learn all about The First Time Buyer Mortgage l Shared Ownership

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There's alot going on! What do you think?

Interest rates are low but could rise? Is this a good time to buy?

Yes
No

Varialbe rate mortgages go up if bank interest rates do. Which is your preference?

Fixed Rate
Variable rate

Interest only mortgages are cheaper but in the end you don't end up owning the property. Which is better?

Interest Only
Repayment

House prices are waivering. Do you think this is a good time to buy?

Yes
No

Shared equity mortgages allow you to buy a new home with 5% deposit and an equity loan through FirstBuy. What do you think?

Too complicated
Too expensive
Too risky

Rent to buy allows you to peg a property price, save towards a deposit and pay reduced rent. What do you think?

Works best in a rising market
Too complicated
Good option


 

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