The Bank of Mum and Dad
It may not be an official scheme, but plenty of first-time buyers get a helping hand from their family. Whether it’s a generous gift or a ‘mates-rates’ loan, it can make a big difference to your ability to buy.
Sometimes, there’s even the option of a family mortgage, designed for parents to help their children onto the housing ladder.
If you do get some financial support from your family, just be clear with your mortgage lender as to whether the money has been gifted or lent. If you’re borrowing the money, the bank will need to factor in your ability to pay it back, alongside your mortgage repayments.
Remember, when you’re ready to discuss mortgages, Wesleyan Financial Services can help you find a great deal from a range of providers.
Your mortgage is secured on your home. Your home may be repossessed if you do not keep up repayments on your mortgage.