We have all seen the headlines of young couples who keep getting beat at auction. To boot, with high rents, they find it hard to save for a deposit.
Some banks offer Parental Guarantees that enable kids to get a foot on the property ladder.
In most instances the kids don’t need to have any savings. And, by using a parental guarantee, they often borrow 100 per cent of the property value, plus any associated costs such as stamp duty.
Interest rates on a parental guarantee loan are at normal residential rates – but they can be complicated to arrange.
If you need assistance, please contact your Chan & Naylor broker.
Director, Chan & Naylor Finance