The Bank Of Mum & Dad With Added Springboard

17/01/2013

At last we have some real help for 1st time buyers/home movers with small deposits, and the good news is, whilst Mum & Dad need to help out – its only temporary!

 Over the last few years, parents have been nervous about the prospect of writing large cheques (for money they will never see again) to help their children on the first rung of the property ladder.

The Springboard Mortgage requires a 5% deposit from the buyers and 10% deposit from the parents but this time it’s kept in a savings account for 3 years where it will earn interest (for the parents) as long as the purchaser maintains their mortgage payments.

After 3 years the parents will get their cash back along with interest and the purchaser continues on with the mortgage having gained a first/next step on the property ladder.

If you would like further information please contact us >>

Written by Claire Allison | Mortgage Consultant

Claire joined Mantle Financial Planning in 2001 having worked in the travel industry for several years. Read more >>

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