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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IrisJ. 19 Jul 2017

Great advice, but may I also add that when buying an already built home, make sure you do all of the proper inspections. Most importantly pest inspection because people tend to get surprised when they

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IrisJ. 17 Jul 2017

The third point is, in my opinion, the most important one. People have become too inconsiderate and careless when it comes to rented properties. If a landlord wants to protect their property, regular visits...

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cornishalan 10 Jul 2017

Added to the cost of purchasing these village properties are the above average maintenance costs. Particularly where the property is a listed building or requires specialist building skills such as thatching...

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Jo Mullett
Jo Mullett 07 Jul 2017

Here in Swansea, known as the Japanese knotweed capital of the UK, it never fails to amazes me that people have no idea of the potential problems this invasive non-native plant can cause when buying or...

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NathanG 05 Jul 2017

McDonalds, for example, have been purchasing their real estate on prime locations for years. If something happens to the company they'll have invaluable assets that will be able to save them. We might

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Jonah 04 Jul 2017

Graham: surprised to see you cite the "extra tax liability" as capping out at ?560. It doesn't - the extra tax is exponential, as it is levied on the income (i.e the inflating level of rental income you...

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Dianne Griffen
Dianne Griffen 29 Jun 2017

Be very wary of anyone bringing you deals that they have ?found? and want to ?sell on to you? or ?joint venture? with you on ? you need a proper legal contract for this, involve a RICs surveyor to confirm...

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jason hadzikostas
jason hadzikostas 28 Jun 2017

The most important thing is a budget. Students have to manage their spendings in food, house maintenance, books and many other things. According to me, student Studios are the perfect option for them as...

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SecomTech 22 Jun 2017

AT Last...This was discussed years ago and there was a move towards landlords registering their bad tenants on a database..(can't remember where) It seems a logical step though our leaders will probably...

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Bertrand 02 Jun 2017

How about the Welsh Govt introducing a scheme to protect landlords against "rogue" tenants who are then taken to court for criminal damage to the properties they trash. Pretty unlikely I suspect and politically...

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AmberMorris 25 May 2017

"Please don't pick a novelty tune-playing doorbell. They're not 'fun'. They're stupid." Laughed a lot to this. It's actually true, though.

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Oliver Conway
Oliver Conway 18 May 2017

Making a neat inventory is a good idea, but if the seller is not willing to provide it, can the buyer demand it?

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