Summary
The Bank of Mum and Dad might not be open on Mothers' Day when it's more diplomatic to buy flowers than borrow cash. But when normal service resumes tomorrow, it's likely to be as busy as ever. Estate agents say that up to eight in ten first-time buyers get financial help from their families. Many parents hand over more than Pounds 20,000 and plenty agree to guarantee their kids' mortgages to secure them the deals they want.
But while the desire to help youngsters get on the housing ladder is as strong as ever, the best strategies are changing as lenders rethink the way they help cash-strapped buyers. This month alone has seen new restrictions on the availability of guarantor arrangements, new schemes for any money parents give their children and new opportunities for first-time buyers who have been gifted enough to raise at least a 15 per cent deposit.See the full content of this document
Extract
Lending Terms Change at Bank of Mum and Dad ; Finance
NEW RESTRICTIONS: Guarantor mortgages are getting harder to find, which hits people who have saved up a decent deposi...
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