Loughborough BS launch First Time Buyer Family Deposit mortgage

Loughborough BS launch First Time Buyer Family Deposit mortgage

A new survey has shown that more and more millennials have given up on the dream of becoming a homeowner over the past year with 85% of those surveyed citing the struggle to be able to save for a deposit as the main reason.

The figures also echo a report released earlier this year which discovered that home ownership in England is now at a 30-year low.

Furthermore, last year it was reported that millennials in the UK will have forked out a crippling £53,000 in rent by the time they reach the age of 30 and with that figure set to climb further this year, building societies such as the Loughborough Building Society, have stepped in to give first time buyers a leg-up on that first rung of the property ladder.

Loughborough Building Society is reacting to these shocking figures by launching its First Time Buyer Family Deposit mortgage.

Aimed at first time buyers who are struggling to be able to save for a deposit, the First Time Buyer Family Deposit mortgage will mean that first time buyers can now apply for a mortgage even if they don’t have a deposit themselves. All they’ll need is a little help from parents, grandparents or a step-parent.

The mortgage comes with a range of options meaning that family members with a variety of circumstances could make it possible for prospective first-time buyers to buy their first home.

The building society will lend up to 100% of the value of the property subject to individual assessment of each application and a maximum of £300,000 and a minimum of £90,000. The actual amount available to be borrowed will be dependent on the applicant’s income after household expenses and other financial commitments have been deducted.

Gary Brebner, Chief Executive at the Loughborough Building Society, said: “It’s a sad reality that many young adults currently believe they will never become a homeowner and with the rise of house prices and the stagnation of the average salary, the story is only likely to get worse.

Initiatives such as the First Time Buyer Family Deposit mortgage are a great way to give First Time Buyers that extra helping hand that they need to get a firm foot on the property ladder and should hopefully encourage more young adults who are thinking of buying that there are other options out there and help is available.”

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Kelvin Lloyd
Kelvin Lloyd 09 Oct 2017

IT is up, to the Planners. If they will only give permission for bungalows on certain (suitable) sites, they will be built.

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maggie swift
maggie swift 09 Oct 2017

It's just the beginning of the shocking rise.

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maggie swift
maggie swift 09 Oct 2017

I have recently read that the bungalows can provide social housing for elderly residents in London.

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zoe glover
zoe glover 05 Oct 2017

Update! Worst company I have ever dealt with. Undervalued a Cambridge property by over 100k, wont take on any evidence of valuation including a RICS valuation done 3 years ago for the very same value...

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Paul Edwards
Paul Edwards 27 Sep 2017

Its nonsense articles such as this that make it harder to get clients to realise just how difficult the market is out there. When you see Rightmove and there are more 'price reduced' then 'new' most days...

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Tom Allen
Tom Allen 20 Sep 2017

Absolutely agree with you!

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RyanGeo 18 Sep 2017

A sharp correction would be a less dramatic expression to use. That is already underway in certain sectors in Reading where I practice as Chartered Surveyor

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sean benton
sean benton 01 Sep 2017

Identity theft is a thread for any profession. So,people should stay alarmed. I once take help from a letting agent and came to know that letting agents are taking every precaution to prevent fraudulent...

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Mark N.
Mark N. 30 Aug 2017

We have seen a surge in instructions over August and that should continue into September too.

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Chris 30 Aug 2017

Unfortunately, all the legislation bears its force on Landlords and ignores, naively, the effect of Rogue Tenants on the ability of landlords to keep houses in repair and offer properties for rent at reasonable...

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Christian Donovan
Christian Donovan 18 Aug 2017

The write-down on house values, combined with the fall in the GBP saddled the fund?s property portfolio with a 1.4% loss in the second quarter. The shocking amount of $240 million.

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Samantha Goodman
Samantha Goodman 11 Aug 2017

Interesting point of view.

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