The current house price situation is making it extremely difficult for first time buyers to get on the property ladder, so more and more parents are offering their kids help.
Figures from new research done by Standard life Bank show parents are paying out more than four billion pounds a year in order to help their children with their purchase.
It is thought that around two thirds of first time buyers now receive help from their parents when buying their first property. Of these parents who provided financial help only a quarter did not expect to be paid back.
It was reported that among independent financial advisors (IFAs) that there is a growing trend from parents asking for advice on how best to help their children get on the property ladder.
The majority of funds lent by parents went towards a mortgage deposit while the rest went on stamp duty and furniture.
To find out how you can best help your kids get on the property ladders it is recommended that you seek advice from an independent financial advisor who will be able to provide you with unbiased advice.
We have helped thousands of UK people obtain advice on Remortgages.
We Believe the Best Advice is 'Independent' Advic
- Why 4 million people may be paying too much for their mortgage
There are around four million people in the UK that are on ‘standard variable rate mortgages’ which go up or down in line with interest.... - First time buyers hit by mortgage fees
Many of the major mortgage lenders are penalising borrowers who do not have a large deposit to put down. The fee is called a ‘higher.... - Claiming back your mortgage exit fees
Mortgage exits fees had remained constant for many years, but in 2004 they started to rise sharply. The lenders pushed up these fees by hundreds.... - Remortgaging can save thousands a year
If you have come to the end of a fixed rate mortgage deal and have gone onto your lenders Standard Variable rate (SVR) you may....