Parents Mortgage Help

First Time Buyer Mortgages From The Bank Of Mum & Dad

Is Borrowing From Parents The Best Mortgage Route For First Time Buyers?

The Bank of Mum and Dad is projected to be a top 10 lender for first time buyers in 2020, however the good news is that some options currently available on the market might cost parents no cash at all.

Lenders are appreciative that the rise in the average parental contribution in 2019 of £21,600 is beyond the reach of many parents therefore alternative products are coming to market to help first time buyers get onto the housing ladder without this level of outlay required.

Financing Your First Home’s Mortgage

With the increasing cost of buying a first home many parents are looking at ways to help this become a reality through providing a part of the deposit, and relying on the child’s income to be sufficient to justify the mortgage. Gifting the deposit has hit the headlines both because of the increasing level of deposit needed as well as circumstances where the gift although pledged at the beginning creates difficulties if couples split or if the parent suddenly is in financial trouble and looking for the gift to be returned.
Parents without the available funds to raise the gifted deposit have until recently been unable to help however recent products brought to market have sought to assist in these circumstances.

Alternatives To Parental Mortgage Deposits

An independent Mortgage Adviser, such as Morgan Mortgages Ltd, with extensive knowledge can quickly review the market with you, and identify a route to home ownership that best suits everyone involved. The increased number of lenders and revised options means that the previous one size fits all has shifted to a more nuance approach for parents and children to consider
Examples of movement seen include;

  • Becoming a guarantor for the mortgage
  • Parent and child opt for a sole proprietor sole occupier mortgage
  • Part rent part buy
  • Release equity in the parents home to fund the deposit

Call Morgan Mortgages Ltd for an initial conversation, free of charge of the options available, we will review your personal circumstances and objectives to understand how to best advise you on financing your first mortgage. We will make a recommendation and if accepted will deal with all of the paperwork for you.

Posted Thursday January 30, 2020

Mortgage Advisors In Weston-super-Mare

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Mortgage Testimonials In Weston-Super-Mare

Mortgage Testimonials

"You can see the determination and experience they have really shine through when chasing up on every little detail from our providers"

Having Andy at Morgan Mortgages Ltd guide us through the process of buying our first property really helped take the stress out of the purchase. They were completely open and easy to contact- and you can really see the determination and experience they have really shine through when chasing up on every little detail from our providers. I couldn't recommend them enough!

J. Williams

"Professional, friendly and absolute experts in what they do"

I used Morgan Mortgages Ltd whilst buying my first house as both my Mortgage and Insurance Adviser. They were extremely helpful and took over all the legwork, letting us concentrate on all the other aspects of buying a house. Professional, friendly and absolute experts in what they do.

Jamie McGrory

"Andy helped me through every step of the way and I am so gratefully for his effort and help throughout the whole process"

I first came across Morgan Mortgages Ltd when I was highly recommended by a good friend, When talking to Andy I explained that I had been to other mortgage advisor who could not help me, we spoke about what I needed to achieve for me over the phone and arranged to have a meeting. Andy came around to my house where we had an in depth chat about what I want him to do for me and his company background etc. He went away from meeting and done lots of research before calling me saying he could help me, I was over the moon when I had the phone call as had been to other advisor who just couldn’t help me.

It didn’t stop there as Andy helped me through every step of the way and I am so gratefully for his effort and help throughout the whole process. With Morgan Mortgages you most certainly get an outstanding stress free service, I will and have been highly recommending Morgan Mortgages Ltd to anyone I think they could help.

William Harraway

As a good mortgage is so important to you, we do everything in our power to ensure you are satisfied with the advice we give you for such an important choice. Click here to read more of our customer testimonials.