Lending from parents to help their children get on the UK property ladder will amount to £5bn in 2016, according to data from Legal & General (L&G).
L&G says it means the so-called Bank of Mum and Dad will help to finance 25% of all UK mortgage transactions this year - at an average amount of £17,500. *
Barclays has also introduced a 100% mortgage for First time buyers and Home movers – A “helper” puts 10% of the purchase price into a Helpful Start Account linked to the mortgage. The “helper” must take independent legal advice before the mortgage can complete. The savings will be released with interest after 3 years providing the mortgage repayments have been maintained. The Early Repayment Charge is 3% of the balance repaid for the initial term. Valuation fees and legal costs apply. Terms and conditions apply.
For more information please contact Intercounty and we will be able to arrange an appointment for you with an Embrace Mortgage Services Financial Consultant.
*Source: BBC News Business Reporter 3rd May 2016
Intercounty is a trading name of ICIEA Limited and is an introducer appointed representative of First Complete Ltd for purpose of the provision of advice in relation to mortgage and non-investment insurance products. Mortgage and Protection advice is provided by LSLi Ltd t/a Embrace Mortgage Services, an appointed representative of First Complete Ltd. First Complete Ltd is authorised and regulated by the Financial Conduct Authority.
LSLi Ltd t/a Embrace Mortgage Services charge a fee of between £399 and £699 on application. The amount we will charge is dependent on the amount of research and administration that is required.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE