First Time buyers
First Time Buyers
We have a team of highly experienced property experts to guide buyers through the available options. Our aim is to simplify the process and get you moving as simply and efficiently as possible.
Bank of Mum and Dad
Buying a house can be stressful at the best of times, but taking that tentative first step onto the property ladder can sometimes seem like an insurmountable task. It is no surprise that due to fluctuating house prices and increasing red tape, many First Time Buyers are seeking support from parents to get them moving.
There are a few options available:
- Parents can loan or gift a contribution, then utilise a declaration of trust to protect the investment
- Or, a second charge can be put on the property with the first lender’s consent
- Parents can also guarantee the mortgage so that their income is taken into account by the lender or enter into a joint ownership arrangement.
This popular government scheme allows First Time Buyers the opportunity to borrow up to 30 per cent of the property price, with no fees to pay for five years. We can help you understand the implications of this scheme and how it might work for you.
We have helped friends, couples and families purchase a home together as a way of making a move more feasible. It can be a great way of pulling the funds together to secure a property, but you need to make sure all the proper arrangements are in place in case one party decides to opt out, or wishes to sell up.
Our team will help you understand the implications of these arrangements and assist you in drawing up any relevant declarations of trust, so you can avoid any issues should your position change.
Find out more, call 01423 542775 to speak to anyone in the Residential Property team or email Property@berwin.co.uk