Connells offers first-time buyer advice on the ‘Bank of Mum and Dad’
07 June 2017
Helping more people take their first step onto the property ladder
Following recent research that the ‘Bank of Mum and Dad’ has become the equivalent of the ninth biggest mortgage lender in the UK*, Connells is offering assistance to aspirational homeowners and their parents who are considering their options when purchasing their first home.
Connells’ own data shows that first-time buyers make up a third of all mortgage activity** and are increasingly important to the health of the housing market. Over 42 per cent of Connells’ first-time buyers received assistance towards a deposit and after saving on average for three years**:
“The ‘Bank of Mum and Dad’ is more active than ever helping first-time buyers climb onto the property ladder and as evidenced by both recent reports and our own internal data,” says David Miles, Connells Group Mortgage Services Managing Director. “It’s often the case that many prospective buyers can afford monthly mortgage repayments but don’t have the lump sum of cash for a deposit. Many of our customers are relying on receiving financial help from family and there are many parents who wish to support their children to get on in life.”
“There are many ways that parents can potentially assist – be it through using savings, investments, joint mortgages or remortgaging to release equity in their home – but it is essential to seek good financial advice to understand whether this is affordable and when making such important long-term decisions,” continues David. “This is where Connells comes into play – we can help cut through any confusion customers may have around the mortgage market, plus help them understand what options are available to them. We urge anyone looking to take their first step toward home ownership to get in touch and see how we can assist with their needs.”
Connells offers mortgage and remortgage advice from its network of branches and has access to many different mortgage products from a panel of lenders. To speak to a mortgage advisor, please contact your local branch.
*Research by Legal & General and the Centre for Economics and Business Research consultancy
** - Connells Group data, April 2017:
1)First-time buyers accounted for 35% of all mortgage activity
2)42.3 per cent of 94 first-time buyer’s asked received financial assistance
3)Average length of time saving for a deposit from those asked
A BROKER FEE MAY BE PAYABLE ON APPLICATION. OUR TYPICAL FEE IS £598.00.
Connells Residential is registered in England and Wales under company number 1489613, Registered Office is Cumbria House, 16-20 Hockliffe Street, Leighton Buzzard, Bedfordshire, LU7 1GN. VAT Registration Number is 500 2481 05.
For the activities of advising on regulated mortgages and non-investment insurance contracts, Connells Residential is an appointed representative of Connells Limited which is authorised and regulated by the Financial Conduct Authority. Connells Limited’s Financial Services Register number is 302221.
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