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