A parent's guide to the best mortgage deals.
Parents are asking how can they help their children to achieve the best mortgage deals.
In today's difficult economic climate more young people are having to continue to live in the parental home. The office for National Statistics recently reported that the number of adults still having to live in the parental home has increased by 500,000.
If lenders offered more affordable mortgage deals to first time property buyers then it is likely this figure would significantly reduce.
Living at home with parents can be a source of tension, some questioned in the report advise that their relationship with their parents has been damaged by their still living at home.
So what can parents do to help their children achieve lenders best mortgage deals?
One of the first things that can be done is to gift a deposit, however before taking such action it is important to seek independent financial advice as to the tax and legal implications of such a move.
It is also becoming increasingly common for parents in the UK to help their children meet the cost of monthly mortgage repayments. Parents can act as a mortgage guarantor by putting aside savings to offset mortgage interest or by covering any unexpected inability to make mortgage repayments.
New mortgage products are released on a regular basis including products aimed at parents wanting to assist their children to buy a home.
If you are looking for the best mortgage deals on offer to help your child climb on the property ladder contact Deal Direct today.
Call Deal Direct for a competitive mortgage quote.
